Supplement: WV HB5639 | 2024 | Regular Session | Auditor, State of WV
For additional supplements on West Virginia HB5639 please see the Bill Drafting List
Bill Title: Prompt Payment Act of 2024
Status: 2024-02-29 - To Judiciary [HB5639 Detail]
Download: West_Virginia-2024-HB5639-Auditor_State_of_WV.html
The purpose of proposed House Bill 5639 is to provide for the prompt payment of legitimate, uncontested invoices by state agencies. The Bill provides that registered and qualified vendors shall be entitled to prompt payment upon presentation to a state agency of a legitimate, uncontested invoice. The Bill provides for the rate of interest and manner of calculation. The Bill determines the date an invoice is considered received by a state agency. The Bill outlines the rights of state agencies to receive updated invoices with interest prior to payment. The Bill requires state agencies to explain and calculate interest on the payment claim at the time it is submitted to the State Auditor. The Bill provides the timeline in which state agencies shall process payments for other agencies. Also, the Bill provides for the definition of a state agency. Lastly, the Bill provides for exceptions to its provisions.
We have reviewed the proposed legislation and we believe the operating capacities of the WVOSIS accounting system allow the mandated timeframes set out in the proposed legislation to be met by the various state agencies and the State Auditor's Office. The State Auditor's Office believes it would be able to implement the requirements of the Bill utilizing existing staff and resources currently available to the office. Accordingly, we believe there would be no additional costs associated with the passage of the legislation.
We have no additional comments regarding this proposed legislation.
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov
Bill Title: Prompt Payment Act of 2024
Status: 2024-02-29 - To Judiciary [HB5639 Detail]
Download: West_Virginia-2024-HB5639-Auditor_State_of_WV.html
FISCAL NOTE
| Date Requested: February 14, 2024 Time Requested: 10:37 AM |
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FUND(S):
State FundsSources of Revenue:
Other Fund All State Fund Types - General Revenue; Special Revenue; and, Federal Programs. Local FundsLegislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of proposed House Bill 5639 is to provide for the prompt payment of legitimate, uncontested invoices by state agencies. The Bill provides that registered and qualified vendors shall be entitled to prompt payment upon presentation to a state agency of a legitimate, uncontested invoice. The Bill provides for the rate of interest and manner of calculation. The Bill determines the date an invoice is considered received by a state agency. The Bill outlines the rights of state agencies to receive updated invoices with interest prior to payment. The Bill requires state agencies to explain and calculate interest on the payment claim at the time it is submitted to the State Auditor. The Bill provides the timeline in which state agencies shall process payments for other agencies. Also, the Bill provides for the definition of a state agency. Lastly, the Bill provides for exceptions to its provisions.
Fiscal Note Detail
| Effect of Proposal | Fiscal Year | ||
|---|---|---|---|
| 2024 Increase/Decrease (use"-") |
2025 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):
We have reviewed the proposed legislation and we believe the operating capacities of the WVOSIS accounting system allow the mandated timeframes set out in the proposed legislation to be met by the various state agencies and the State Auditor's Office. The State Auditor's Office believes it would be able to implement the requirements of the Bill utilizing existing staff and resources currently available to the office. Accordingly, we believe there would be no additional costs associated with the passage of the legislation.
Memorandum
We have no additional comments regarding this proposed legislation.
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov
