FISCAL NOTE
FUND(S):
Unclaimed Property Trust Fund/General Revenue
Sources of Revenue:
General Fund,Other Fund Unclaimed Property Trust
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This Fiscal Note only concerns cost related to the one-time transfer of $2 million from the Unclaimed Property Trust Fund (Fund 1342).
W.V. Code §36-8-13 directs the Unclaimed Property Fund, after expenses, to transfer remaining monies in the fund to the Unclaimed Property Trust Fund. From monies in the Unclaimed Property Trust Fund, $1 million each year shall be transferred to the Prepaid Tuition Trust Escrow Fund, then the remaining fund balance to the General Revenue fund.
This legislation would transfer one-time $2 million that would normally be available to the General Revenue Fund to the Supreme Court of Appeals Public Campaign Financing Fund.
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 |
-2,000,000 |
0 |
0 |
Explanation of above estimates (including long-range effect):
This Fiscal Note only concerns cost related to the one-time transfer of $2 million from the Unclaimed Property Trust Fund (Fund 1342).
W.V. Code §36-8-13 directs the Unclaimed Property Fund, after expenses, to transfer remaining monies in the fund to the Unclaimed Property Trust Fund. From monies in the Unclaimed Property Trust Fund, $1 million each year shall be transferred to the Prepaid Tuition Trust Escrow Fund, then the remaining fund balance to the General Revenue fund.
This legislation would transfer one-time $2 million that would normally be available to the General Revenue Fund to the Supreme Court of Appeals Public Campaign Financing Fund.
Memorandum
Person submitting Fiscal Note: Mike McKown
Email Address: Mike.P.McKown@wv.gov