FUND(S):

State Funds

Sources of Revenue:

General Fund

Legislation creates:

A New Program



Fiscal Note Summary


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


    The Prompt Pay Act was on the books for a 16 year period from 1992 through 2007. The total paid out to companies during this period was $40,540. By calculating a simple average per year, ($40,540. divided by 16 years) the estimate cost to be paid out to companies per year would be $2,534. We also estimated that the clerical cost for perfoming this function would be approximately 2 hours per each application. During the 16 year period a total of 171 applications were received by the Auditor's office which is an average of 10.69 applications per year. 10.69 applications times 2 hours per application results in 21.38 hours of clerical time per year at a cost of $36.55 per hour, this would account for $782 in clerical or personal services costs. The total cost would be $2,534 plus $782 or a total of $3,316 per year.



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 3,316 3,316
Personal Services 0 782 782
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 2,534 2,534
2. Estimated Total Revenues 0 0 0


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


    



Memorandum


    



    Person submitting Fiscal Note: Mack E. Parsons
    Email Address: mack.parsons@wvsao.gov