FISCAL NOTE

Date Requested: January 11, 2023
Time Requested: 10:45 PM
Agency: Treasurer's Office, WV
CBD Number: Version: Bill Number: Resolution Number:
1663 Introduced SB109
CBD Subject: Natural Resources


FUND(S):

Cash Management

Sources of Revenue:

Special Fund

Legislation creates:

Creates New Revenue



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


The proposed fiscal note would not increase expenditures for state or any of its subdivisions. These functions are performed currently in the Cash Management Division of the State Treasurer's Office. The proposed fiscal note would increase revenue for the STO. Please see the calculation below.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2023
Increase/Decrease
(use"-")
2024
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):


The total cost of this legislation is difficult to calculate due to a number of unknown assumptions. However, the State Treasurer's Office estimates an annual escrow fee of $100 and an annual safekeeping fee of $25 per account. The number of accounts that would be opened is difficult to predict but if 1,000 accounts are opened with the Treasurer's Office due to passage of this legislation, it would result in approximately $24,000 of increased revenue to the office.



Memorandum






    Person submitting Fiscal Note: James Fuerhoff
    Email Address: james.fuerhoff@wvsto.gov