Honorable John Davis, Chair, House Committee on Economic & Small Business Development
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB3782 by Isaac (Relating to the major events and events trust fund.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the list of events eligible for disbursements under the Major Events Trust Fund to: (1) include an Olympic Trial event; (2) revise an Olympic activity event to an Olympic community development activity event; and (3) revise eligibility of an amateur sport event from a national collegiate championship to a national championship.
The bill would authorize the Comptroller of Public Account (Comptroller) to adopt rules for the Events Trust Fund to: (1) establish a minimum economic impact to the state in order for an event to be eligible for funding; (2) allow for the deduction of an administrative fee not to exceed 3 percent from the disbursements out of the Events Trust Fund; and (3) require specific documentation demonstrating that an event was subject to a competitive bid process with other locations outside the state.
Based on the analysis of the Comptroller, it is anticipated that any additional costs to implement the provisions of the bill could be absorbed within existing resources.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.