FUND(S):

Unclaimed Property Trust Fund 1342 /General Revenue

Sources of Revenue:

General Fund,Other Fund Unclaimed Property Fund

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 addresses the impact related to the one-time transfer of $2 million from the Unclaimed Property Trust Fund (1342).
    
    WV Code §36-8-13 directs the Unclaimed Property Fund (1324), after expenses, to transfer remaining monies in the fund to the Unclaimed Property Trust Fund (1342). From monies in the Unclaimed Property Trust Fund, $1 million each year shall be transferred to the Prepaid Tuition Trust Escrow Fund (1326), then the remaining fund balance to the General Revenue fund.
    
    This legislation would transfer one-time (on or before 7/1/2012) $2 million, that would normally be available to the General Revenue Fund, to the Supreme Court of Appeals Public Campaign Financing Fund (1690).



Fiscal Note Detail


Effect of Proposal Fiscal Year
2012
Increase/Decrease
(use"-")
2013
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 addresses the impact related to the one-time transfer of $2 million from the Unclaimed Property Trust Fund (1342).
    
    WV Code §36-8-13 directs the Unclaimed Property Fund (1324), after expenses, to transfer remaining monies in the fund to the Unclaimed Property Trust Fund (1342). From monies in the Unclaimed Property Trust Fund, $1 million each year shall be transferred to the Prepaid Tuition Trust Escrow Fund (1326), then the remaining fund balance to the General Revenue fund.
    
    This legislation would transfer one-time (on or before 7/1/2012) $2 million, that would normally be available to the General Revenue Fund, to the Supreme Court of Appeals Public Campaign Financing Fund (1690).



Memorandum


    This fiscal note does not address the fee increases dealing with attorney & court fees contemplated in §3-12-6(12)-(16). The State Budget Office does not have information related to these fees. Person submitting Fiscal Note: Mike McKown
     Email Address: mike.p.mckown@wv.gov