Date Requested: January 15, 2015
Time Requested: 04:16 PM
Agency: Transportation, Department of
CBD Number: Version: Bill Number: Resolution Number:
2348 Introduced SB268
CBD Subject: Tax


FUND(S):



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.


    Cessation of deposits into this fund will result in absence of funding sources available in West Virginia for implementation of rail related projects.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2015
Increase/Decrease
(use"-")
2016
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 -4,300,000 0


Explanation of above estimates (including long-range effect):


    Absence of SRIE deposits will result in decrease of $4.3 million available for use by West Virginia Public Port Authority in FY2016 and beyond.



Memorandum


    SRIE deposits were not made for FY2014, per 2013 Legislature. Current proposal would cease these deposits. This will seriously impact the West Virginia Public Port Authority's ability to complete the Prichard Intermodal Facility, a Public Private Project in Wayne County, West Virginia.



    Person submitting Fiscal Note: Lorrie Hodges
    Email Address: lorrie.a.hodges@wv.gov