HB 3502
Appropriations from the state Revenue Shortfall Fund and the Income Tax Reserve Fund be utilized to initiate investments in flood prevention initiatives to reduce the impact of severe flooding
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill aims to increase funding for flood prevention initiatives in West Virginia. It proposes using money from the state’s Revenue Shortfall Fund and Income Tax Reserve Fund to establish a Flood Fund, initially capitalized at $250 million. The funds will support the State Resiliency and Flood Protection Plan Act, with a focus on proactive measures to mitigate the impact of severe flooding events. The State Resiliency Officer will oversee the spending and report back to the State Resiliency Office Board.
Key provisions
- Allocates $40 million initially to the Flood Fund from state general funds.
- Increases the total Flood Fund capitalization to $250 million.
- Authorizes the use of $100 million from the Revenue Shortfall Fund for the Flood Fund.
- Allows the appropriation of $150 million from the Income Tax Reserve Fund to the Flood Fund.
- Requires the State Resiliency Officer to provide annual expenditure reports.
- Establishes a process for the State Resiliency Office Board to review and approve expenditures.
- Directs the State Resiliency Office Board to submit an annual budget request to the Governor.
- Requires at least six percent of Community Development Block Grant-Disaster Recovery funds to be dedicated to flood resiliency planning and implementation.
Who is affected
- West Virginia residents and communities prone to flooding
- State government agencies involved in disaster response and recovery
- The State Resiliency Office
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