Bill Text: WV SB660 | 2024 | Regular Session | Introduced

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Bill Title: Expiring funds to General Revenue Surplus from Personal Income Tax Reserve Fund

Spectrum: Bipartisan Bill

Status: (Introduced) 2024-02-05 - To Finance [SB660 Detail]

Download: West_Virginia-2024-SB660-Introduced.html

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WEST VIRGINIA LEGISLATURE

2024 REGULAR SESSION

Introduced

Senate Bill 660

By Senators Blair (Mr. President) and Woelfel

[By Request of the Executive]

[Introduced February 5, 2024; referred
to the Committee on Finance]

A BILL expiring funds to the unappropriated surplus balance in the State Fund, General Revenue, for the fiscal year ending June 30, 2024, in the amount of $150,000,000 from the Executive, Treasurer's Office, Personal Income Tax Reserve Fund, fund 1313, fiscal year 2024, organization 1300.

WHEREAS, The Governor submitted the Executive Budget Document to the Legislature on January 10, 2024, containing a statement of the State Fund, General Revenue, setting forth therein the cash balance as of July 1, 2023, and further included the estimate of revenues for the fiscal year 2024, less net appropriation balances forwarded and regular and surplus appropriations for the fiscal year 2024, and further included recommended expirations to the unappropriated surplus balance of the State Fund, General Revenue; and

WHEREAS, The Governor finds that the account balance in the Executive, Treasurer's Office, Personal Income Tax Reserve Fund, fund 1313, fiscal year 2024, organization 1300, exceeds that which is necessary for the purposes for which the account was established; therefore

Be it enacted by the Legislature of West Virginia:

 

That the balance of the funds available for expenditure for the fiscal year ending June 30, 2024 in the Executive, Treasurer's Office, Personal Income Tax Reserve Fund, fund 1313, fiscal year 2024, organization 1300, be decreased by expiring the amount of $150,000,000 to the unappropriated surplus balance of the State Fund, General Revenue to be available for appropriation during the fiscal year ending June 30, 2024.

 

NOTE: The purpose of this supplemental appropriation bill is to expire funds from the aforesaid account to the unappropriated surplus balance of the State Fund, General Revenue for expenditure during the fiscal year 2024.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.