FISCAL NOTE
FUND(S):
3041
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill will raise the per diem compensation paid to members of the Board of Banking and Financial Institutions (other than the Commissioner of Banking who serves ex officio) from the current level of $50 per day to what members of the Legislature receive for interim duties pursuant to W.Va.Code 4-2A-5 (currently $150 per day)
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2007
Increase/Decrease
(use"-") |
2008
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
600 |
2,400 |
2,400 |
| Personal Services |
600 |
2,400 |
2,400 |
| 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 Board of Banking meets approximately 4 times every year. The six members who would be effected by this bill currently receive $50 per day for a total of $300 each meeting or $1,200 for the entire year.
Raising the per diem to $150 would create a cost of $900 for each meeting or $3,600 for the entire year, hence the increased cost of $2,400 for each full FY beginning in FY 2008. The current FY does not increase as much because it is expected that only one meeting will be held in this FY if the bill becomes law.
These figures assume 100% attendance at all meetings. The special revenue fund of the Division of Banking, based upon fees and assessments collected from financial institutions, can easily absorb the increased cost.
Memorandum
Not applicable
Person submitting Fiscal Note: Robert Lamont
Email Address: blamont@wvdob.org