Date Requested:February 04, 2014
Time Requested:10:52 AM
Agency: State Budget Office
CBD Number: Version: Bill Number: Resolution Number:
2014R1829 Comm. Sub. SB393
CBD Subject: REVENUE SHORTFALL RESERVE FUND
FUND(S)
Sources of Revenue
General Fund
Legislation creates:
Neither Program nor Fund

Fiscal Note Summary

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

    Committee Substitute for SB 393 requires 80% (current law requires only 50%) of any surplus at the end of FY 2014 and FY 2015 be transferred to the Revenue Shortfall Reserve Fund (Rainy Day A).
    
    The following example assumes (for illustration purposes) that the FY 2014 and FY 2015 General Revenue surpluses will be $10 million each year. The actual surpluses cannot be determined until July 31, 2014 and July 31, 2015.
    
    For example, if the surplus at the end of FY 2014 and FY 2015 is $10 million each year then $8 million will be transferred to the Rainy Day A Fund at the end of each year as opposed to $5 million that would have been transferred under current law.
    

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2014
Increase/Decrease
(use"-")
2015
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 0 0 0
3. Explanation of above estimates (including long-range effect):
    There is no cost to the State associated with this bill.
    
    There would only be more dollars transferred at the end of FY 2014 and FY 2015 to the Rainy Day A Fund than would be transferred under current law.
    
    The effect of the bill moves more dollars to the Rainy Day A Fund (where it is available for appropriation) from the General Revenue surplus balance (which is also available for appropriation).
    


Memorandum
Person submitting Fiscal Note:
Mike McKown
Email Address:
mike.p.mckown@wv.gov