FISCAL NOTE
FUND(S):
STATE ROAD FUND
Sources of Revenue:
Special Fund
Legislation creates:
A New Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill will divert approximately $7 Million from the State Road Fund to newly created accounts for railroad and port development. The net loss of these funds, if used to match federal projects, would create a loss of $35 Million to fund highwway projects.
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 |
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 |
-3,500,000 |
-7,000,000 |
-7,000,000 |
Explanation of above estimates (including long-range effect):
The bill diverts approximately $7 Million from the State Road Fund to new accounts to fund railroad and port development.
Memorandum
1. The bill diverts approximately $7 Million from the State Road Fund to new accounts to fund railroad and port development.
2. The bill will result in a $35 Million loss in highway projects if the diverted taxes were to be used as match to federal funds.
3. The bill, as drafted, eliminates all funding of the Aeronautics Commission.
Person submitting Fiscal Note: Kathy Holtsclaw
Email Address: kholtsclaw@dot.state.wv.us