FISCAL NOTE
Date Requested: February 21, 2017
Time Requested: 11:56 AM |
| Agency: |
Municipal Pensions Oversight Board |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2634 |
Introduced |
HB2603 |
|
|---|
| CBD Subject: |
Retirement |
|---|
|
FUND(S):
Municipal funds
Sources of Revenue:
Other Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
There will not be any impact to the cost or revenue of state government.
The municipality involved may have an increase in revenue for the fiscal year if it is not required to pay the normal cost of the pension plan.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2017
Increase/Decrease
(use"-") |
2018
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):
No cost to state government.
Memorandum
This bill if passed would only have a fiscal impact on municipalities with municipal policemen's or firemen's pension and relief funds that are fully funded at 125% or greater. Those municipalities would have the option of not paying normal cost into their respective pension plan for that fiscal year. Those dollars could be used by city council for other municipality needs that year.
Person submitting Fiscal Note: Blair Taylor, Executive Direcor MPOB
Email Address: blair.m.taylor@wv.gov