FISCAL NOTE
Date Requested: March 02, 2021 Time Requested: 11:36 AM |
Agency: |
Municipal Bond Commission |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1632 |
Introduced |
HB2847 |
|
CBD Subject: |
Taxation |
---|
|
FUND(S):
MBC Operating Fund 7253
Sources of Revenue:
Special Fund
Legislation creates:
Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Municipal Bond Commission has increased costs associated with the State Auditor's new processing requirement. The increase in expenditures can be covered with the current revenue. This increase will have no impact the revenues of state government.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2021 Increase/Decrease (use"-") |
2022 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
36,413 |
0 |
Personal Services |
0 |
26,913 |
0 |
Current Expenses |
0 |
9,500 |
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):
The State Auditor has new requirements for processing outgoing funds. Municipal Bond Commission (MBC) has to implement new procedures and more staff time to meet the requirements. Modification to our current software and new software are also needed to complete the new tasks. Personal services and employees benefits will need to remain at the increased cost. MBC has the existing revenue collections for cover the increased expenditures.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
Person submitting Fiscal Note: Sara Rogers
Email Address: sara.l.rogers@wv.gov