|Date Requested:February 23, 2005
Time Requested:02:08 PM
| FUND(S) |
Sources of Revenue
Legislation creates:A New Fund
Effect this measure will have on costs and revenues of state government.
This bill will increase the costs to state government. The estimated
increase in costs to the state is approximately $l,209,000 plus
workers compensation estimated to cost an addtional $24,000, unless
the workers compensation is waived for these funds.
Individuals will be required to pay state and federal income taxes
on the amount they received for the year ($l95.00).
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||408,306||1,233,000||1,233,000|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
This fiscal note is based on the maximum amount of Servicemembers
Group Life Insurance of $250,000 at a monthly premium of $16.25 per
active member in the West Virginia Army and Air National Guard.
The estimated strength of the Guard to be 6,200 active members. The
annual cost for FY 2006 and each year there after to be $l,209,000,
(Computed: 6,200 soldiers X $195.00 premium per year for 250,000
life insurance = $l,209,000 total per year.)
For Fiscal Year 2005 - If the bill become effective l March 2005,
then the cost for four (4) months in FY-05 would be $403,000 based
on the above computation.
The cost of workers compenation would be additional $24,000 per
year. ($l,209,000 divided by l00 = l2,000 X rate of $2.00=$24,000.