|Date Requested:February 09, 2011
Time Requested:01:54 PM
| FUND(S) |
Interstate Commerce Disclosure Fund
Sources of Revenue
Legislation creates:A New Fund
Effect this measure will have on costs and revenues of state government.
| Senate Bill 475 establishes a fund (Interstate Commerce Disclosure Fund) to defray the audit cost of Class IV municipalities in the amount of $1,000 per audit year. To qualify for this relief, the municipality must have a prior year revenue of $100,000 or less as certified by the State Auditor.
Using current information from the Consolidated Budget Report for the period ending June 30, 2011, there would be 53 class IV towns that would be eligible for the $1,000 subsidy and would be a total cost of $53,000.
The Interstate Commerce Disclosure Fund would also be utilized to subsidize the cost of examination into special or unusual situations provided for in WV Code 6-9-7, subsection (o). This would include fraud and other improper activities that would require in depth audit procedures and would be supported from the fund in the amount of $150,000.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||203,000||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):