|Date Requested:February 23, 2011
Time Requested:02:01 PM
| FUND(S) |
Various state funds
Sources of Revenue
|General Fund,Special Fund,Other Fund|
Legislation creates:A New Program
Effect this measure will have on costs and revenues of state government.
|This bill would change the way the Real Estate Division is funded. Currently, the Real Estate Division is funded entirely by General Revenue appropriation. This bill would make the Real Estate Division a special revenue agency. The agency would be funded through a flat fee that is charged on a per square foot basis for those spending units that maintain leases for office space. The passage of the bill would not have a fiscal impact on the State of West Virginia, as the costs of operating the Real Estate Division would not change, only the funding source. When the Real Estate Division becomes a special revenue agency it will allow the State to capture federal dollars. This will free up General Revenue funds for other purposes.|
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
During the fiscal year immediately following the passage of this bill, the Real Estate Division will continue to be funded primarily through General Revenue. For the fiscal year thereafter, they will be partially funded through General Revenue and partially funded by Special Revenue. Subsequently, they will become a full Special Revenue agency. There will be some impact going forward on agency budgets but this will be taken care of through the budget process, so that agency budgets can be modified accordingly.