Date Requested: February 09, 2015
Time Requested: 10:07 AM
Agency: Regional Jail and Correctional Facility
CBD Number: Version: Bill Number: Resolution Number:
2883 Introduced SB445
CBD Subject: Corrections


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.


    The West Virginia Regional Jail and Correctional Facility Authority would see a positive fiscal impact by including language that would specify where the Authority may invest its funds. The West Virginia Regional Jail and Correctional Facility Authority could see an estimated increase of $1,813,500 in interest earned because of this change. **
    
     ** Estimated by taking the difference of the average percentage earned over the past 3 years in the IMB's Equity Composite (16.22%) versus the actual interest earned in the BTI account for this year, annualized (0.1%) for the amount the Authority would invest, i.e.: the reserve obligation kept for bonds outstanding ($11,250,000).



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 1,813,500 1,813,500


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


    



Memorandum


    



    Person submitting Fiscal Note: Scott Barber
    Email Address: scott.d.barber@wv.gov