FISCAL NOTE
Date Requested: January 31, 2019
Time Requested: 01:46 PM |
| Agency: |
Treasurer's Office, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2868 |
Introduced |
SB490 |
|
|---|
| CBD Subject: |
Finance and Administration |
|---|
|
FUND(S):
Special Revenue
Sources of Revenue:
General Fund
Legislation creates:
Creates New Revenue, Creates New Expense, Creates New Program, Creates New 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.
The purpose of this bill is to facilitate the ability of private lending institutions to provide loans to employees of the federal government affected by the federal government shutdown. The bill authorizes the State Treasurer to buy and sell obligations of these employees who have been residents of the state for at least one year, payable solely from the funds appropriated. The Treasurer is also authorized to charge and collect fees and establish rules, as well as to accept any grants available for such purposes. The contingent interest of the Treasurer at any one time may not exceed 12 ½ times the total funds appropriated. The 2019 Federal Employee Loans Trust Fund is created to hold the appropriations and any available grants, as well as a special revolving account.
Modeled after student loans in W.Va. Code §18C-2-6, the Treasurer will need to issue rules specifying how this work will be carried out. The legislation does not require the rules to go through rulemaking. The amount of work required of the Treasurer will depend on how much is appropriated for the Trust Fund. To initiate the program, we anticipate costs to create the rules, documents and process will be approximately $50,000. To operate the program, at a minimum, we anticipate needing one new employee at a cost of $65,000 and annual expenses of $35,000, for a total of $100,000.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2019
Increase/Decrease
(use"-") |
2020
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
150,000 |
100,000 |
0 |
| Personal Services |
65,000 |
65,000 |
0 |
| Current Expenses |
35,000 |
35,000 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
50,000 |
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.
See Fiscal Note Summary.
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.
See Fiscal Note Summary.
Person submitting Fiscal Note: Diana Stout
Email Address: diana.stout@wvsto.com