Date Requested: February 25, 2015
Time Requested: 02:02 PM
Agency: State Budget Office
CBD Number: Version: Bill Number: Resolution Number:
3281 Introduced HB2916
CBD Subject: Appropriations


FUND(S):

Revenue Shortfall Reserve Fund

Sources of Revenue:

Other Fund Revenue Shortfall Reserve

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    Committee Substitute for HB2916 allows the Governor to borrow up to $20 million from the Revenue Shortfall Reserve Fund (Rainy Day A) for the purpose of renovation of State Capitol Complex Building 3 and allows for an additional 20% of any general revenue surplus at the end of each fiscal year to be used as repayment of the borrowing.



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 20,000,000 0
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 20,000,000 0
Other 0 0 0
2. Estimated Total Revenues 0 -20,000,000 0


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


    Committee Substitute for HB2916 allows the Governor to borrow up to $20 million from the Revenue Shortfall Reserve Fund (Rainy Day A) for the purpose of renovation of State Capitol Complex Building 3 and allows for an additional 20% of any general revenue surplus at the end of each fiscal year to be used as repayment of the borrowing.



Memorandum


    Investment earnings of 1.82% occurred in the Revenue Shortfall Reserve Fund during FY 2014.
    
    We are unable to determine when the payback would occur (payback would be determined by amount of general revenue surplus each fiscal year).



    Person submitting Fiscal Note: Mike McKown
    Email Address: mike.p.mckown@wv.gov