FISCAL NOTE
FUND(S):
State Funds
Sources of Revenue:
General Fund
Legislation creates:
A New Program
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The Prompt Pay Act was on the books for a 16 year period from 1992 through 2007. The total paid out to companies during this period was $40,540. By calculating a simple average per year, ($40,540. divided by 16 years) the estimate cost to be paid out to companies per year would be $2,534. We also estimated that the clerical cost for perfoming this function would be approximately 2 hours per each application. During the 16 year period a total of 171 applications were received by the Auditor's office which is an average of 10.69 applications per year. 10.69 applications times 2 hours per application results in 21.38 hours of clerical time per year at a cost of $36.55 per hour, this would account for $782 in clerical or personal services costs. The total cost would be $2,534 plus $782 or a total of $3,316 per year.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2012 Increase/Decrease (use"-") |
2013 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
3,316 |
3,316 |
Personal Services |
0 |
782 |
782 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
2,534 |
2,534 |
2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Memorandum
Person submitting Fiscal Note: Mack E. Parsons
Email Address: mack.parsons@wvsao.gov