HB 2665
Requiring 50 percent of all reappropriated revenue accounts to be surrendered to general revenue
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill requires West Virginia to transfer half of the remaining money in certain revenue accounts – known as reappropriated revenue accounts – to the state’s general fund. The transfer must occur within 30 days of the bill’s enactment and is subject to certain exceptions, such as federal law restrictions or agreements regarding the funds. This change aims to increase the amount of money available in the general fund. The bill also establishes a rule that no further transfers from reappropriated accounts can occur until this mandatory transfer is completed.
Key provisions
- The Treasurer must transfer 50% of unencumbered balances from reappropriated revenue accounts.
- The transfer must occur within 30 days of the bill’s enactment.
- Federal law, fund agreements, or repayment obligations can exempt transfers.
- No further transfers from reappropriated accounts are permitted until the initial transfer is completed.
Who is affected
- State Treasurer
- State Treasury
- Entities receiving reappropriated revenue
- General Revenue Fund
- West Virginia State Government
Notable changes
- Introduces a mandatory transfer of 50% of reappropriated revenue to the General Fund.
- Establishes a restriction on further transfers from reappropriated accounts until the initial transfer is completed.
Fiscal impact
The bill may impact state revenue projections and require adjustments to budgeting processes.
Sponsors
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