FISCAL NOTE
Date Requested: February 24, 2017
Time Requested: 02:55 PM |
| Agency: |
Municipal Pensions Oversight Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2397 |
Introduced |
SB393 |
|
|---|
| CBD Subject: |
Municipalities |
|---|
|
FUND(S):
Municipal funds
Sources of Revenue:
General Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
There are not any direct costs associated with the bill on state government. Should the Municipal Pensions Oversight Board find instances where errors have occurred, the Board would then work with the local board of trustees to remedy the problems as allowed by the statute.
The revenues and costs of state government will not be affected by this bill. Insofar as the Municipal Pensions Oversight Board might have to direct a municipal policemen's or firemen's pensions and relief fund to correct an error, the Board's existing staff would be involved in research and discovery of the issue and corrective action.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2017
Increase/Decrease
(use"-") |
2018
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):
No state funds would be affected should this legislation pass.
Memorandum
Any fiscal impact to the municipal policemen's or firemen's pension and relief fund would be to correctly calculate and remit pensions to members and beneficiaries. Likewise, underpayments and overpayments from municipalities or active members would also be corrected.
Person submitting Fiscal Note: Blair Taylor, Executive Direcor MPOB
Email Address: blair.m.taylor@wv.gov