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CITY OF SNOQUALMIE Statement of Fiscal Impact Contract/Agreement Name: Exhibit to Agenda Bill No. Memorandum of Agreement with King County Department: FLY 05 SHIP Grant Date Submitted: Prepared By:

How to fill out statement of fiscal impact

How to fill out a statement of fiscal impact:

1. Start by gathering all relevant financial data and documents, such as budget forecasts, expenditure reports, and revenue projections.
2. Identify the project or policy that the statement of fiscal impact will be assessing. Clearly define its objectives, scope, and potential implications.
3. Determine the time period that the assessment will cover, whether it's for a specific fiscal year or a longer duration.
4. Analyze the potential costs associated with the project or policy, including any direct expenditures, personnel expenses, and capital investments required.
5. Evaluate the anticipated revenue generated or savings achieved as a result of the project. Consider any potential sources of income or cost reductions.
6. Assess any potential economic and financial risks or benefits that may arise from implementing the project or policy. This may include job creation, increased tax revenues, or potential financial burdens.
7. Quantify and summarize the findings in clear and concise language, presenting the financial impact in terms of dollars or percentages.
8. Include supporting data and calculations to help justify the conclusions drawn in the statement.
9. Review the statement of fiscal impact for accuracy and completeness. Make any necessary revisions or additions.
10. Submit the statement of fiscal impact to the appropriate decision-making body, such as a government agency, legislative committee, or board of directors.

Who needs a statement of fiscal impact?

1. Government agencies: When proposing new policies or projects, government agencies may need a statement of fiscal impact to determine the financial implications and feasibility of their plans.
2. Legislative bodies: Lawmakers and legislative committees rely on statements of fiscal impact to assess the financial consequences of proposed bills or regulations before making informed decisions.
3. Non-profit organizations: Non-profit organizations may require a statement of fiscal impact when seeking funding or grants for their programs, as it helps demonstrate the financial viability and potential benefits of their initiatives.
4. Businesses: Companies considering major expansions, acquisitions, or new product/service launches may use a statement of fiscal impact to assess the financial viability and potential return on investment of these initiatives.
5. Investors and lenders: Investors and lenders may request a statement of fiscal impact when evaluating potential investments or loan applications, as it helps them assess the financial risk and potential profitability of the project or business.

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What is statement of fiscal impact?

Statement of fiscal impact refers to a document that assesses the financial consequences, such as costs and revenues, of a proposed policy or legislation.

Who is required to file statement of fiscal impact?

Government agencies, departments, or legislative bodies, depending on the jurisdiction, are generally responsible for filing a statement of fiscal impact.

How to fill out statement of fiscal impact?

The specific process for filling out a statement of fiscal impact may vary, but generally, it involves collecting relevant data, analyzing the financial impact, and preparing a comprehensive report.

What is the purpose of statement of fiscal impact?

The purpose of a statement of fiscal impact is to provide decision-makers with a clear understanding of the financial implications of proposed policies or legislation before making a final decision.

What information must be reported on statement of fiscal impact?

A statement of fiscal impact typically includes information such as projected costs, potential revenues, budgetary impact, economic analysis, and any other relevant financial details.