FISCAL NOTE
FUND(S):
General Revenue Fund 0273
Sources of Revenue:
General Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Costs will be incurred for reimbursement of remediation work at the previously insured sites and for contracting with an adjuster to review remediation plans and invoices for the clean up work.
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 |
1,000,000 |
4,000,000 |
3,000,000 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
900,000 |
3,600,000 |
2,700,000 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
100,000 |
400,000 |
300,000 |
| 2. Estimated Total Revenues |
1,000,000 |
4,000,000 |
3,000,000 |
Explanation of above estimates (including long-range effect):
Current expenses will include the reimbursement of remediation costs to the insureds. "Other" will include the cost for contracting with an adjuster which is estimated to be approximately 10% of the total cost. Costs in 2007 will be primarily reimbursement of remediation costs which have already been incurred by on-going clean ups. In 2008 the costs will increase as the remediation of the all the sites is reactivated and/or agressively pursued.
Memorandum
Person submitting Fiscal Note: Karen G. Watson
Email Address: kwatson@wvdep.org