A fiscal note estimates the direct and measurable costs, savings, revenue gains, or revenue losses associated with implementing a piece of legislation. Fiscal notes are required for every piece of legislation and show impacts for state agencies, local governments, individuals, and businesses. A fiscal note is not a price tag, a cost/benefit analysis, or a funding trigger. Fiscal Notes are not intended to influence the passage of a bill. Regulatory Impact analyses are included on fiscal notes and indicate whether a proposed bill will change regulatory burden for Utah residents and businesses, and if so, whether a bill increases or decreases the burden and whether the change in burden is high, medium, or low.
Standard fiscal notes estimate three years of impact and assume no behavior change. Dynamic fiscal notes project for more than three years and provide four hypothetical scenarios for what might happen in the economy if individuals and businesses change their behavior as the result of a bill. Dynamic fiscal notes are done by legislator request only.
Prior to each General Session, the Legislative Fiscal Analyst trains stakeholders who provide input for Fiscal Notes and regulatory impact analyses. The training covers requirements for each type of note, information on the latest changes to those requirements, and a thorough review of the interactive software program used to submit input. (UCA 36-12-13(2); JR4-2-403)