FISCAL NOTE
FUND(S):
7152
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.
The projected cost for HB 3040 is $2,800,000.
No additional revenues are designated in the bill. Assessment amounts collected by the Offices of the Insurance Commissioner to fund its operations may need adjusted to cover the additional costs.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2009 Increase/Decrease (use"-") |
2010 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
2,800,000 |
2,800,000 |
Personal Services |
0 |
2,100,000 |
2,100,000 |
Current Expenses |
0 |
500,000 |
500,000 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
200,000 |
200,000 |
Other |
0 |
0 |
0 |
2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The proposal calls for the doubling of supervisory, legal and investigative personnel of the Offices of the Inspector General (fraud unit).
Additional Personal Services & Benefits - $2,100,000
Supervisory (4) - $216,000
Investigative (27) - $1,076,000
Legal (5) - $264,000
Total Personal Services = $1,556,000
Total Employee Benefits = $1,556,000 * 0.35 = $544,600
Total PS & EB = $1,556,000 + $544,600 = $2,100,000 (rounded)
Additional $700,000 has been allocated for equipment, rent, training, travel, computers, supplies, etc.
Memorandum
Person submitting Fiscal Note: Michael D. Riley
Email Address: Michael.Riley@wvinsurance.gov