FISCAL NOTE
Date Requested: January 28, 2019
Time Requested: 02:52 PM |
| Agency: |
Auditor, State of WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2875 |
Introduced |
SB354 |
|
|---|
| CBD Subject: |
Appropriations |
|---|
|
FUND(S):
STATE FUNDS
Sources of Revenue:
Special Fund
Legislation creates:
Increases Revenue From Existing Sources, Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of proposed Senate Bill 354 is to make a supplemental appropriation to the West Virginia State Auditor’s Office.
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 |
1,500,000 |
0 |
0 |
| Personal Services |
1,500,000 |
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 |
1,500,000 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The purpose of the proposed Bill to reduce funds available for expenditure in Fund 1225 – Securities Regulation Fund of the State Auditor’s Office, expiring such funds and transferring the available funds to the Chief Inspector’s Fund of the State Auditor’s Office – Fund 1235 to be used to fund personal services and employee benefits expenditures. While the Fiscal Note depiction will show increased revenues and increased spending in the amount of $1,500,000, the funds being used to supplement the budget of the Chief Inspector’s Division - Fund 1235 have already been collected and deposited into the Securities Regulation Fund (1225) and are available to immediate transfer. The effect of the proposed Bill is a one-time transfer of funding from the Securities Regulation Fund – Fund 1225 to the Chief Inspector’s Fund – Fund 1235 which would occur during Fiscal Year 2019. Accordingly, the proposed legislation would have no recurring financial impact in Fiscal Year 2020 and beyond.
Memorandum
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov