FISCAL NOTE
Date Requested: January 20, 2023
Time Requested: 08:18 AM |
| Agency: |
Treasurer's Office, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2224 |
Introduced |
HB2841 |
|
|---|
| CBD Subject: |
|
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FUND(S):
New
Sources of Revenue:
Special Fund
Legislation creates:
Creates New Fund: Occupational Licensing Legal Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The proposed legislation creates a new special revenue fund- the Occupational Licensing Legal Fund. Money for the new fund would be provided for by the transfer of money from excess receipts of occupational licensing boards. Currently, these excess receipts are transferred to General Revenue.
The State Treasurer's Office has a process similar to what is contemplated in the proposed legislation. If the volume is consistent with similar programs, the State Treasurer's Office could absorb the increased workload with current staffing levels.
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):
For the past three fiscal years, the total amount of transfers to General Revenue as a result of excess receipts of occupational licensing boards were, approximately, as follows:
FY2020- $89,000
FY2021- $296,000
FY2022- $50,000
If the proposed legislation were to be adopted, future excess receipts would be transferred to the newly created Occupational Licensing Legal Fund instead of to General Revenue. However, the Occupational Licensing Legal Fund can only accumulate $2,000,000. Any monies above that amount would then be transferred to General Revenue.
Additionally, the legislation authorizes the Occupational Licensing Legal Fund to be an interest-bearing account. The State Treasurer's Office estimates that using data from the previous three years, the fund would accumulate approximately $10,000 in accrued interest. Those monies would also remain with the fund and not be posted to General Revenue.
Because the amount of transfers varies greatly from year to year, it would be difficult to predict the amount of monies that would be directed to the Occupational Legal Licensing Fund that would have otherwise went to General Revenue.
Memorandum
Person submitting Fiscal Note: James Fuerhoff
Email Address: james.fuerhoff@wvsto.gov