FISCAL NOTE
Date Requested: January 19, 2016 Time Requested: 04:35 PM |
Agency: |
Housing Development Fund |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1138 |
Introduced |
SB109 |
|
CBD Subject: |
Banking and Finance |
---|
|
FUND(S):
Sources of Revenue:
Other Fund Fee income
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This measure will not affect the costs and revenues attributable to the state general fund because the state general fund does not receive any portion of the filing fee.
Currently, Trustee's reports for the sale of property at a foreclosure sale are filed with county clerks along with a $40 fee. Twenty dollars of each recording fee is deposited into the county's General Revenue Fund and the remaining $20 is remitted to the WV Housing Development Fund. The duties of the county clerks and the WV Housing Development Fund created under 44-13-3 will be eliminated by SB109 and workload will be reduced.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2016 Increase/Decrease (use"-") |
2017 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 |
-53,107 |
-53,107 |
Explanation of above estimates (including long-range effect):
Fee revenue is based upon the number of residential foreclosures in any given year and therefore difficult to predict. The WV Housing Development Fund will not realize substantial personnel or cost savings as a result of SB109. The reduction of income will be offset by reduction in staff time. Lost annual revenue is based on the average fee revenue for the past 3 fiscal years.
Please note, the WV Housing Development Fund has no information relating to costs or revenues of the county clerks. The above information only relates to the effect of SB109 on the WV Housing Development Fund.
Memorandum
This measure will not affect the costs and revenues attributable to the state general fund because the state general fund does not receive any portion of the filing fee. The WV Housing Development Fund does not have the information necessary to project the revenue and expense impact of SB109 on county clerks.
Person submitting Fiscal Note: Erica L. Boggess
Email Address: eboggess@wvhdf.com