FISCAL NOTE
Date Requested: March 19, 2025
Time Requested: 10:33 AM |
| Agency: |
State Budget Office, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3742 |
Introduced |
HB3502 |
|
|---|
| CBD Subject: |
Counties; Legislature |
|---|
|
FUND(S):
Special
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
This bill will have no impact on the costs or revenues of the state.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
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.
No additional costs are projected.
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.
This bill provides capitalization for the Flood Resiliency Trust Fund. It states that $100 million may be transferred from the Revenue Shortfall Reserve Fund (Rainy Day A) and $150 million may be transferred from the Personal Income Tax Reserve Fund. It would still take further acts of the legislature, in the form of supplemental appropriations, to appropriate/expire the funds.
It is unknown if a transfer from the Revenue Shortfall Reserve Fund will have an impact on the bond rating that is assigned to the State.
Person submitting Fiscal Note: Mike McKown
Email Address: mike.p.mckown@wv.gov