FISCAL NOTE
Date Requested: January 21, 2026
Time Requested: 02:49 PM |
| Agency: |
Treasurer's Office, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2763 |
Introduced |
SB560 |
|
|---|
| CBD Subject: |
Finance and Administration |
|---|
|
FUND(S):
1322
Sources of Revenue:
Special Fund
Legislation creates:
Creates New Expense
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
To implement the provisions of this bill, the State Treasurer's Office estimates that initial implementation costs will be approximately $554,000. Those costs include the hiring of one FTE to manage the program, the issuance and evaluation of an RFP for a stablecoin service provider, onboarding and setting up the service, instituting the appropriate risk and security controls, and integration of the service with wvOASIS. The estimate breakdown is $94,000 for one FTE, inclusive of salary and benefits, approximately $110,000 in costs related to contracting with a service provider and setting up the service with the service provider, approximately $200,000 in security and fraud-prevention costs, and approximately $150,000 in wvOASIS integration costs.
After the initial year, the Treasurer's Office will incur approximately $94,000 in personnel services and benefits, and approximately $60,000 to $80,000 in IT security and audit activity. The WVSTO is unable to estimate the ongoing transaction costs since volume, size of the payments, and how the service provider structures service fees are unknown at this time.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2026
Increase/Decrease
(use"-") |
2027
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
554,000 |
164,000 |
| Personal Services |
0 |
94,000 |
94,000 |
| Current Expenses |
0 |
460,000 |
70,000 |
| 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):
Memorandum
Person submitting Fiscal Note: James Fuerhoff
Email Address: james.fuerhoff@wvsto.gov