SB 5705-S - DIGEST

(DIGEST OF PROPOSED 1ST SUBSTITUTE)

     Provides that, if an initiative, whether to the people or to the legislature, would require spending public funds for its implementation, the office of financial management shall prepare a fiscal impact statement for the initiative.

     Provides that a fiscal impact statement must describe any projected increase or decrease in revenues, costs, expenditures, or indebtedness that the state or local governments will experience if the initiative is approved by state voters.

     Requires fiscal impact statements to be available on line from the secretary of state's web site and included in the state voters' pamphlet.