FISCAL NOTE
FUND(S):
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill will have no impact on the costs of state government since the Division of Banking is a special revenue agency that receives no general revenues.
Likewise, there will be no negative impact on state revenues. The extent of any positive impact on state revenues is difficult to gauge. In the 8 fiscal years for which the Division has data, penalties collected have ranged from $15,035 per year to $232,700 per year.
Pursuant to W.Va. Code 31A-2-8(a) the Division of Banking may only spend up to its authorized appropriation and at the end of every fiscal year must transfer to the General Revenue Fund any excess monies remaining in its special revenue account, after retaining up to 20% of the appropriated amount in a contingency reserve.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2011
Increase/Decrease
(use"-") |
2012
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):
There are no costs associated with this bill.
The impact on revenues is difficult to gauge in light of the uncertainty as to how many penalties would be assessed in a given year since that depends on the number and extent of violations uncovered during the course of examinations. As noted above, that amount has varied widely in recent years.
Memorandum
None
Person submitting Fiscal Note: Robert Lamont
Email Address: blamont@wvdob.org