FISCAL NOTE
Date Requested: February 09, 2017
Time Requested: 03:21 PM |
| Agency: |
Auditor, State of WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1504 |
Introduced |
SB210 |
|
|---|
| CBD Subject: |
Counties |
|---|
|
FUND(S):
SPECIAL REVENUE; LOCAL FUNDS
Sources of Revenue:
Special Fund,Other Fund LOCAL GOVERNMENT
Legislation creates:
A New Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The provisions of the proposed legislation would create a new State fund to be known as the County Road and Infrastructure Improvement Account to be administered by the West Virginia Economic Development Authority. Specifically, the proposed legislation would provide a legislative framework to fund costs for certain infrastructure developments at the county-level through authorization for the assessment and collection of fees dedicated to offset the cost of development, including industrial development, within counties electing to utilize the authority created in the legislation.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2017
Increase/Decrease
(use"-") |
2018
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 |
Explanation of above estimates (including long-range effect):
If enacted, the legislation would provide various mechanisms to county governments to fund county road and bridge construction and other capital improvement projects. These mechanisms would include the assessment and collection of ad valorem property taxes related to improvements and the issuance of road construction special revenue bonds by the Executive Director of the West Virginia Economic Development Authority, any such bonds to be exempt from taxation by the State of West Virginia or any political subdivision of the State. The debt service payments related to any such bonds issued shall be paid from the sub-account within the County Road and Infrastructure Improvement Account of the specific county benefitting from the capital project.
No reliable financial information is available within the State’s financial accounting systems to identify the magnitude of potential revenue streams into the proposed County Road and Infrastructure Improvement Account. It is anticipated that additional administrative costs might accrue to the West Virginia Economic Development Authority in order to maintain the accounting of financial transactions within the County Road and Infrastructure Improvement Account; however, no estimates of any possible additional costs can be made at this time.
Memorandum
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov