FISCAL NOTE
Date Requested: February 25, 2015 Time Requested: 02:02 PM |
Agency: |
State Budget Office |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
3281 |
Introduced |
HB2916 |
|
CBD Subject: |
Appropriations |
---|
|
FUND(S):
Revenue Shortfall Reserve Fund
Sources of Revenue:
Other Fund Revenue Shortfall Reserve
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Committee Substitute for HB2916 allows the Governor to borrow up to $20 million from the Revenue Shortfall Reserve Fund (Rainy Day A) for the purpose of renovation of State Capitol Complex Building 3 and allows for an additional 20% of any general revenue surplus at the end of each fiscal year to be used as repayment of the borrowing.
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 |
20,000,000 |
0 |
Personal Services |
0 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
20,000,000 |
0 |
Other |
0 |
0 |
0 |
2. Estimated Total Revenues |
0 |
-20,000,000 |
0 |
Explanation of above estimates (including long-range effect):
Committee Substitute for HB2916 allows the Governor to borrow up to $20 million from the Revenue Shortfall Reserve Fund (Rainy Day A) for the purpose of renovation of State Capitol Complex Building 3 and allows for an additional 20% of any general revenue surplus at the end of each fiscal year to be used as repayment of the borrowing.
Memorandum
Investment earnings of 1.82% occurred in the Revenue Shortfall Reserve Fund during FY 2014.
We are unable to determine when the payback would occur (payback would be determined by amount of general revenue surplus each fiscal year).
Person submitting Fiscal Note: Mike McKown
Email Address: mike.p.mckown@wv.gov