FISCAL NOTE
Date Requested: January 22, 2020
Time Requested: 04:43 PM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2449 |
Introduced |
SB545 |
|
|---|
| CBD Subject: |
Workers Compensation |
|---|
|
FUND(S):
7152, 7162
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
If enacted, Senate Bill 545 would authorize the Insurance Commissioner to transfer money from its operating account (the Insurance Commission Fund) to the Worker's Compensation Old Fund for the purpose of reducing the deficit balance in the Old Fund.
Senate Bill 545 is designed to be revenue neutral and its passage will not increase or decrease the revenues of the Offices of the Insurance Commissioner. However, the passage of Senate Bill 545 will enable the OIC to reduce the existing deficit in the Worker's Compensation Old 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):
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.
Memorandum
If enacted, Senate Bill 545 would authorize the Insurance Commissioner to transfer money from its operating account (the Insurance Commission Fund) to the Worker's Compensation Old Fund for the purpose of reducing the deficit balance in the Old Fund.
Senate Bill 545 is designed to be revenue neutral and its passage will not increase or decrease the revenues of the Offices of the Insurance Commissioner.
If enacted, SB 545 will help to reduce the Old Fund deficit by permitting the re-alignment of non-spent cash in the agency's operating fund to the Worker's Compensation Old Fund. The transfers permitted under SB 545 are between two agency (OIC) special revenue funds and are permitted only when an audited financial statement indicates that a deficit exists in the Old Fund.
The passage of Senate Bill 545 will help to reduce the potential and the amount of additional external funding sources (revenues) that would otherwise need to be dedicated to the Old Fund for the purpose of deficit reduction.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.A.Kiss@wv.gov