FISCAL NOTE
Date Requested: February 07, 2019
Time Requested: 08:51 AM |
| Agency: |
Auditor, State of WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2901 |
Introduced |
HB2856 |
|
|---|
| CBD Subject: |
Uniform Laws |
|---|
|
FUND(S):
STATE FUNDS
Sources of Revenue:
Special Fund Securities Regulation Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of proposed House Bill 2856 is to update the percentage of funds to be remitted to the General Revenue Fund at the end of the fiscal year, and to remove outdated provisos.
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 |
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 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The State Auditor’s Office interprets the proposed legislation as being intended to provide remediation with respect to certain provisions in existing law which are date-specific and which were tied to specific triggering events which never occurred. Accordingly, the State Auditor will not and is not required to avail himself of the allowed option of making any repayments as mentioned in current law because the contemplated transfers from the Revenue Shortfall Reserve Fund to the West Virginia Enterprise Resource Planning Board were never necessary. Most of this outdated language was intended to provide a degree of financial flexibility in dealing with a series of budget deficits which befell the State in recent years. Previously, the West Virginia Legislature amended the relevant Code section to change the method of determining “excess funds” in the Securities Regulation Fund, above and beyond which the Auditor was required to remit those excess cash balances to the State General Revenue Fund.
Since a Fiscal Note was submitted during the 2017 Legislative Session to support the enabling legislation when the aforementioned Code changes occurred regarding calculation of the Excess Fund Cap, we are estimating there are no additional fiscal impacts connected with the updating of Code citations as set out in the proposed Bill and our Fiscal Note Submission shows no fiscal impacts.
Memorandum
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov