FISCAL NOTE
Date Requested: January 16, 2019
Time Requested: 02:09 PM |
| Agency: |
Treasurer's Office, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2240 |
Introduced |
SB320 |
|
|---|
| CBD Subject: |
Actions, Suits and Liens |
|---|
|
FUND(S):
Special Revenue
Sources of Revenue:
Other Fund Special Revenue will be deposited into General Revenue
Legislation creates:
Creates New Revenue, Creates New Expense
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
The purpose of the bill is to entitle the state to one-third of all punitive damages awarded in any court proceeding in this state to be deposited with the State Treasurer in the General Revenue Fund.
Senate Bill 320 authorizes the Attorney General to negotiate and compromise the distribution of the 1/3 of punitive damages awarded. The State Treasurer’s Office has no way of determining the amount of punitive damages that will be received. The State Treasurer’s Office has developed software for collections from Circuit Courts. The expense to the State Treasurer’s Office of reprogramming our software to receive these funds is estimated to be a one time expense of $2500.
As to technical revisions, we suggest amending page 2, lines 31, 33, and 36, by changing “subsection (e)” to “subsection (d)”
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2019
Increase/Decrease
(use"-") |
2020
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
2,500 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
2,500 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
See Fiscal Note Summary.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
See Fiscal Note Summary.
Person submitting Fiscal Note: Diana Stout
Email Address: diana.stout@wvsto.com