Fiscal Impact Statement (FIS)

 

The term fiscal impact statement refers to the estimated financial impact of legislation on the budget based on known and identified factors.

 

Example:

 

When the Delegate received the fiscal impact statement for HB 1236 he was shocked to find out that his legislation would cost two hundred times more than he anticipated because he was unaware that the change would affect other agencies.  He would need to amend his bill to restrict the change.  (see Unintended Consequences)