FISCAL NOTE
Date Requested: February 02, 2018
Time Requested: 01:35 PM |
| Agency: |
Auditor, State of WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2385 |
Introduced |
HB4416 |
|
|---|
| CBD Subject: |
Salaries |
|---|
|
FUND(S):
State Funds
Sources of Revenue:
Other Fund General Revenue, Special Revenue, Federal Programs, State Highway Fund
Legislation creates:
Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of proposed House Bill 4416 is to increase the amount of the annual increment salary increase from $60 times the eligible employees’ years of service to $100 times the eligible employees’ years of service.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2018
Increase/Decrease
(use"-") |
2019
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
11,709,000 |
11,709,000 |
| Personal Services |
0 |
10,877,000 |
10,877,000 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
832,000 |
832,000 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The proposed legislation will result in an increase in the total amount of Annual Increment Payroll in an amount approximating 67% or an increase of about $10,877,000 per year with an additional $832,000 in required employer-matching Social Security and Medicare taxes for a total cost of $11,709,000. This increase in total expenditures will be spread across General Revenue accounts, Special Revenue accounts, Federal Program accounts and the State Highway Fund.
Based on the total Annual Increment Payroll from July 2017 which should be a close approximation of the total number of eligible employees (20,050) who will be impacted within the various Fund types, we believe the increases in annual expenditures will approximate the following: 1. General Revenue - $4,207,000; 2. Special Revenue - $4,144,500; 3. State Highway Fund - $2,359,600; and, 4. Federal Programs - $997,900 for a total increase of $11,709,000
Memorandum
We have no additional comments.
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov