FISCAL NOTE
Date Requested: April 25, 2022
Time Requested: 03:23 PM |
| Agency: |
Adjutant General |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 5024 |
Introduced |
HB215 |
|
|---|
| CBD Subject: |
Governor -- Bills Requested By |
|---|
|
FUND(S):
SPECIAL FUND
Sources of Revenue:
Other Fund STATE TREASURER'S OFFICE UNCLAIMED PROPERTY FUNDS
Legislation creates:
Creates New Fund: MILITARY AUTHORITY REIMBURSABLE EXPENDITURE FUND
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 WILL IMPACT THE REVENUE IN THE STATE TREASURER'S OFFICE UNCLAIMED PROPERTY FUND DURING THE TIMES THAT WV MILITARY AUTHORITY BORROWS FUNDS TO PAY FEDERAL EXPENSES. THE UNCLAIMED PROPERTY FUND WILL BE REIMBURSED WHEN THE WV MILITARY AUTHORITY RECEIVES FEDERAL REIMBURSEMENT. FUNDS WILL ONLY BE REQUESTED, AS NEEDED, EACH FISCAL YEAR TO COVER FEDERAL EXPENSES WHEN OUR NORMAL CASH FLOW CANNOT COVER FEDERAL SHARE COSTS UP TO $10 MILLION EACH FISCAL YEAR.
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Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2022
Increase/Decrease
(use"-") |
2023
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
10,000,000 |
10,000,000 |
10,000,000 |
| Personal Services |
2,500,000 |
2,500,000 |
2,500,000 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
2,500,000 |
2,500,000 |
2,500,000 |
| Assets |
2,500,000 |
2,500,000 |
2,500,000 |
| Other |
2,500,000 |
2,500,000 |
2,500,000 |
| 2. Estimated Total Revenues |
10,000,000 |
10,000,000 |
10,000,000 |
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.
THE INFORMATION ABOVE ARE ESTIMATES IF WE WOULD REQUEST TO BORROW THE MAXIMUM AMOUNT OF $10 MILLION. WE WILL USE THE FUNDS, AS NEEDED, DURING EACH FISCAL YEAR TO COVER ALL TYPES OF FEDERAL EXPENSES WHEN OUR NORMAL CASH FLOW CANNOT COVER PAYING THOSE COSTS UPFRONT WITH STATE FUNDS. THEY WILL BE REIMBURSED TO THE UNCLAIMED PROPERTY FUND AS WE RECEIVE THE FEDERAL REIMBURSEMENTS.
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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: RHONDA WICK
Email Address: RHONDA.C.WICK.NFG@ARMY.MIL