FUND(S):

7155

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 Municipal Pensions Oversight Board can better address the overall costs and revenues of the proposal.
    
    
    This response is limited to the fiscal impact of the proposal redirecting the ten percent of the additional premium tax and surplus lines tax previously authorized to be paid to the Teachers Retirement System Reserve Fund to the Municipal Pensions Security Fund for three years beginning July 1, 2011.
    
    
    This proposal will redirect approximately $2.5 million in annual collections or approximately $7.5 million for the aggregate three years.
    



Fiscal Note Detail


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


Explanation of above estimates (including long-range effect):


    



Memorandum


     Person submitting Fiscal Note: Michael D Riley
     Email Address: Michael.Riley@wvinsurance.gov