|Date Requested:March 28, 2013
Time Requested:11:46 AM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
This bill will allow the WVDA to retain up to $4,000,000 in the Special Revenue farm account in a fiscal year; this increased income retention would be utilized to address some long-standing needs on the farms. In years past, the farms had to rely upon appropriations of General Revenue to address needs that are a substantial liability for the State. Although WVDA has requested assistance throughout the years, these appropriations have been few and far between because of unfavorable economic conditions. The last appropriation for this purpose was received in 2006. WVDA was given a Supplemental appropriation of $500,000 to remediate some asbestos issues and demolish dilapidated structures located on the farms. Although the appropriation was fully utilized for asbestos abatement and demolition of some of the old buildings, it did not fully address the remediation of old structures that is needed on the farms. Additionally, the farms are large scale operations and have an on-going need to replace high-dollar farming equipment due to the constant wear and tear of normal operations. Raising the existing cap, which was established twenty-three years ago, to the estimated current value of $4,000,000 will provide the ability to begin addressing the liability issues related to the buildings and replace equipment as necessary from potential farm income, rather than having to request support from General Revenue when an emergency purchase arises.
|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):
No impact anticipated at this time.