Date Requested:February 02, 2011
Time Requested:04:20 PM
Agency: State Budget Office
CBD Number: Version: Bill Number: Resolution Number:
2011R2378 Introduced SB380
CBD Subject: RAISE THE RAINY DAY A FUND CAP
FUND(S)
Special Revenue
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.

    SB 380 --- Increases the amount of funds to be invested in the Board of Treasury Investments from the balance of funds on deposit in the Revenue Shortfall Reserve Fund from $100,000,000 to $500,000,000.
    
    Upon effective date of the bill, all securities currently invested by the IMB (approx. $232 million) would have to be liquidated to transfer the balance of funds to the BTI for investment which could incur investment losses depending on the monthly returns.
    
    The State Treasurer’s Office could provide better estimates on the investment gains or risks long-term.
    
    

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2011
Increase/Decrease
(use"-")
2012
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 0 0 0
3. Explanation of above estimates (including long-range effect):
    


Memorandum
Person submitting Fiscal Note:
Tammy Scruggs
Email Address:
tammy.l.scruggs@wv.gov