FISCAL NOTE
Date Requested: February 03, 2020
Time Requested: 03:12 PM |
| Agency: |
Auditor, State of WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2399 |
Introduced |
HB4409 |
|
|---|
| CBD Subject: |
Public Safety |
|---|
|
FUND(S):
State Funds
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of proposed House Bill 4409 is to transfer remaining funds from the Volunteer Fire Department Workers’ Compensation Premium Subsidy Fund at its existing sunset date of June 30, 2020 to the Fire Service Equipment and Training Fund and the State Auditor’s Chief Inspector’s Fund.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2020
Increase/Decrease
(use"-") |
2021
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):
As of February 10, 2020, the Volunteer Fire Department Workers’ Compensation Premium Subsidy Fund (Fund Number 1239) has $270,232.08 in Cash and $2,590,066.00 in Investments for a total of $2,860,298.08 in available funds remaining. At this time, we anticipate making payouts of Workers’ Compensation Premium Subsidy to eligible volunteer fire departments totaling about $725,000 between February 11, 2020 and the Sunset Date in the proposed Bill of June 30, 2020. Accordingly, we believe $2,000,000 will be available on June 30, 2020 to transfer to the Fire Service Equipment and Training Fund as called for in the proposed legislation and approximately $135,000 will remain in the VFD Workers’ Compensation Subsidy Fund and be available for later transfer to the State Auditor’s Chief Inspector’s Fund to defray the costs incurred by the State Auditor in conducting regular financial reviews of all volunteer fire departments in accordance with Chapter 8, Article 15, Section 7a of the West Virginia Code.
Memorandum
We believe the proposed legislation creates no new State revenues and no new State expenditures since the funding transfers called for by the proposed Bill already have cash and investment balances available to fully fund the transfers called for in the legislation.
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov