FUND(S):

Public Employees Retirement System

Sources of Revenue:

Other Fund Investments

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    The IMB will incur administrative cost in overseeing the loan authorized by this legislation. The most significant cost will be related to the audit and valuation of the loan.



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 10,000 10,000 0
2. Estimated Total Revenues 0 0 0


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


    Annual cost for audit and valuation is estimated to be $10,000.



Memorandum


    It is undetermined if the bills provisions are appropriate for an investment by the IMB. More in-depth analysis is required.



    Person submitting Fiscal Note: Matthew E. Jones, CFO / COO
    Email Address: matt.jones@wvimb.org