FISCAL NOTE
FUND(S):
Special Revenue
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 HB4319 is to make the Cash Management Improvement Act (CMIA) report an annual report since the calculation is only done annually, and to have the State Treasurer establish standards and reviews for receipting moneys of all state spending units except the Department of Revenue.
Reducing the number of CMIA reports from four to one per year will cause no savings since the calculation is only done annually.
Improved oversight of revenue collection processes of state spending units, with the exception of the Department of Revenue, should facilitate receipting of moneys by the state. This will enable the moneys to be deposited faster and to earn more income. However, the fiscal impact is not really quantifiable. The Treasurer’s Office has already allocated a ½ FTE to work with spending units to improve their receipting of moneys, which expense is paid from special revenues. The proposed legislation will further enable the Treasurer and the Legislative Auditor to assist spending units through auditing and oversight of internal controls. No additional staff will be needed, so there will be no additional expense to the special revenue fund.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2014 Increase/Decrease (use"-") |
2015 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):
See Fiscal Note Summary.
Memorandum
Person submitting Fiscal Note: Diana Stout
Email Address: diana.stout@wvsto.com