House Bill 5493 establishes a youth sports grant program to support nonprofit youth sports organizations in distressed municipalities, with a focus on programs that offer adaptive sports for children and young adults with disabilities, or those that aim to improve mental health, educational achievement, or community cohesion. The bill allocates 2% of the state's monthly revenue from sports wagering to fund the program, starting with the fiscal year 2027. Grants can be used for various operational expenses, including personnel, equipment, insurance, permits, training, facility fees, sports facility renovation, playing field refurbishment, and reducing or eliminating participant fees. The bill requires municipalities to apply annually and report on the use of funds at the end of the fiscal year.

The bill also creates a youth sports grant account within the General Fund, effective July 1, 2025, and amends section 12-867(a) of the general statutes to establish the revenue stream for the account, effective October 1, 2024. The Office of Policy and Management is responsible for notifying municipalities about the grant application process and for administering the grant funds. The fiscal impact includes a revenue loss to the General Fund of approximately $400,000 annually starting in FY 2026, with a corresponding revenue gain to the youth sports grant account, and additional costs for an administrative assistant position and fringe benefits starting in FY 2026. The bill was given a Joint Favorable Substitute by the Finance, Revenue and Bonding Committee with a vote of 44 in favor and 7 against on April 3, 2024.