Fiscal Note & Local Impact Statement
127 th General Assembly of Ohio
|
BILL: |
Proposed Sub. S.B. 80 (LSC 127 0622-1) |
DATE: |
|||
|
STATUS: |
SPONSOR: |
||||
|
LOCAL IMPACT
STATEMENT REQUIRED: |
|
||||
|
CONTENTS: |
Requires the
Department of Development to establish one new foreign trade office in India
and one new foreign trade office in China |
|
STATE FUND |
FY 2007 |
FY 2008 |
FUTURE YEARS |
|
General
Revenue Fund |
|||
|
Revenues |
- 0 - |
- 0 - |
|
|
Expenditures |
$1,000,000 for new foreign
trade offices |
- 0 - |
- 0 - |
|
Advanced Energy Fund |
|||
|
Revenues |
- 0 - |
- 0 - |
- 0 - |
|
Expenditures |
Transfer of $1,000,000 to
GRF |
- 0 - |
- 0 - |
Note: The state
fiscal year is July 1 through June 30.
For example, FY 2007 is July 1, 2006 – June 30, 2007.
·
The
bill transfers $1,000,000 from the Advanced Energy Fund to the GRF for new
trade offices in India and China.
·
No
direct fiscal effect on political subdivisions.
|
|
The bill amends temporary
law in Am. Sub. H.B. 66 of the 126th General Assembly to establish two new
foreign trade offices; one in India and one in the People's Republic of China,
to be administered by the Department of Development's Office of International
Trade. The Director of Development is
given the authority to determine the locations of the trade offices and to
contract with foreign nationals for the staffing of the offices, with contracts
to be paid in either U.S. or local currency.
The Director is also authorized to open foreign currency accounts under
section 122.05 of the Revised Code for the payment of operating and maintenance
expenses of the offices.
The bill makes an
appropriation for the new trade offices of $1,000,000 via a transfer from the
Advanced Energy Fund to line item 195-432, International Trade, in the General
Revenue Fund.
LSC fiscal staff: Brian D. Hoffmeister, Budget Analyst