FISCAL NOTE
FUND(S):
2180
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.
The purpose of this bill is to create "The Prompt Pay Act of 2011." The bill requires invoices to state agencies be paid within sixty days and provides excptions for three specific agencies whose invoices must be processed within fifteen days. The bill requires interest be paid on invoices not paid within the prescribed time period. the bill provides that no agency owes another agency interest on an unpaid invoice. The bill also defines the term "state agency."
There would be no fiscal impact associated with passage of this bill.
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 |
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: Chip Myers
Email Address: clifford.m.myers@wv.gov