FISCAL NOTE
FUND(S):
7155
Sources of Revenue:
Special Fund
Legislation creates:
A New Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The Municipal Pensions Oversight Board can better address the overall costs and revenues of the proposal.
This response is limited to the fiscal impact of the proposal redirecting the ten percent of the additional premium tax and surplus lines tax previously authorized to be paid to the Teachers Retirement System Reserve Fund to the Municipal Pensions Security Fund for three years beginning July 1, 2011.
This proposal will redirect approximately $2.5 million in annual collections or approximately $7.5 million for the aggregate three years.
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):
Memorandum
Person submitting Fiscal Note: Michael D Riley
Email Address: Michael.Riley@wvinsurance.gov