FISCAL NOTE
FUND(S):
General Fund 0126 and Special Reveneu Fund 1617
Sources of Revenue:
General Fund,Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill would eliminate the late fees charged by the Secretary of State Office on annual reports. The change would cause an estimated decrease in revenue of $538,076 per year. $25,000 to Special Revenue Fund 1617 General Administrative Fees and $513,076 to
General Fund 0128 Treasurer's Office Fund. There will be no affect on expenditures due to the bill.
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 |
-538,076 |
-538,076 |
Explanation of above estimates (including long-range effect):
Estimate is based on the actual late fees revenue for FY 2013 and the actual late fees revenue for the first seven months of FY 2014 and estimates for the last five months of FY 2014
Memorandum
The estimate is based on the bill becoming effective on July 1, 2014
Person submitting Fiscal Note: John Sandoro SOS
Email Address: jsandoro@wvsos.com