NOTE:  As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used for other purposes.

 

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F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

Foley

 

DATE TYPED:

02/27/03

 

HB

645

 

SHORT TITLE:

PRC Insurance Division Attorney

 

SB

 

 

 

ANALYST:

Valenzuela

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

FY03

FY04

 

 

 

$150.0

 

 

Recurring

General Fund

 

 

 

 

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

SOURCES OF INFORMATION

 

Report of the Legislative Finance Committee to the Forty-sixth Legislature, First Session, January 2003 for Fiscal Year 2003 – 2004, pp. 318 – 325.

 

Public Regulation Commission

 

SUMMARY

 

     Synopsis of Bill

 

House Bill 645 appropriates $150.0 from the general fund to Insurance Division of the Public Regulation Commission for the purpose of employing an attorney to advise the Superintendent of Insurance.

 

     Significant Issues

 

PRC requested $109.2 from the general fund, in its FY04 budget, and authorization to increase its full-time equivalents by one for an attorney position to advise the Superintendent. Neither the Governor nor the LFC supported this request.

 

FISCAL IMPLICATIONS

 

The appropriation of $150.0 contained in this bill is a recurring expense to the general fund. Any unexpended or unencumbered balance remaining at the end of fiscal year 2004 shall revert to the general fund.

 

MFV/sec