FISCAL NOTE
Date Requested: February 09, 2015
Time Requested: 10:07 AM |
| Agency: |
Regional Jail and Correctional Facility |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2883 |
Introduced |
SB445 |
|
|---|
| CBD Subject: |
Corrections |
|---|
|
FUND(S):
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The West Virginia Regional Jail and Correctional Facility Authority would see a positive fiscal impact by including language that would specify where the Authority may invest its funds. The West Virginia Regional Jail and Correctional Facility Authority could see an estimated increase of $1,813,500 in interest earned because of this change. **
** Estimated by taking the difference of the average percentage earned over the past 3 years in the IMB's Equity Composite (16.22%) versus the actual interest earned in the BTI account for this year, annualized (0.1%) for the amount the Authority would invest, i.e.: the reserve obligation kept for bonds outstanding ($11,250,000).
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2015
Increase/Decrease
(use"-") |
2016
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
1,813,500 |
1,813,500 |
Explanation of above estimates (including long-range effect):
Memorandum
Person submitting Fiscal Note: Scott Barber
Email Address: scott.d.barber@wv.gov