FUND(S):

Unclaimed Property Trust Fund/General Revenue

Sources of Revenue:

General Fund,Other Fund Unclaimed Property Trust

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


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


    This Fiscal Note only concerns cost related to the one-time transfer of $2 million from the Unclaimed Property Trust Fund (Fund 1342).
    
    W.V. Code §36-8-13 directs the Unclaimed Property Fund, after expenses, to transfer remaining monies in the fund to the Unclaimed Property Trust Fund. From monies in the Unclaimed Property Trust Fund, $1 million each year shall be transferred to the Prepaid Tuition Trust Escrow Fund, then the remaining fund balance to the General Revenue fund.
    
    This legislation would transfer one-time $2 million that would normally be available to the General Revenue Fund to the Supreme Court of Appeals Public Campaign Financing Fund.
    



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 -2,000,000 0 0


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


    This Fiscal Note only concerns cost related to the one-time transfer of $2 million from the Unclaimed Property Trust Fund (Fund 1342).
    
    W.V. Code §36-8-13 directs the Unclaimed Property Fund, after expenses, to transfer remaining monies in the fund to the Unclaimed Property Trust Fund. From monies in the Unclaimed Property Trust Fund, $1 million each year shall be transferred to the Prepaid Tuition Trust Escrow Fund, then the remaining fund balance to the General Revenue fund.
    
    This legislation would transfer one-time $2 million that would normally be available to the General Revenue Fund to the Supreme Court of Appeals Public Campaign Financing Fund.



Memorandum


    



    Person submitting Fiscal Note: Mike McKown
    Email Address: Mike.P.McKown@wv.gov