SB 775
Expiring funds from WV Economic Development Authority
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill directs the West Virginia Economic Development Authority to return $28,564,089.61 to the state’s general revenue fund. The funds are currently held in an unappropriated surplus balance within the Economic Development Project Bridge Loan Fund. The bill aims to reduce the amount of money available in this specific fund. This action is based on the Governor’s recommendation and the finding that the fund’s balance exceeds its intended purpose.
Key provisions
- Expands the unappropriated surplus balance in the State Fund, General Revenue.
- Directs the West Virginia Economic Development Authority to transfer $28,564,089.61.
- The transfer is from the Economic Development Project Bridge Loan Fund.
- The action is based on the Governor’s recommendation.
- The funds are considered excess and not necessary for the fund’s established purpose.
Who is affected
- West Virginia Economic Development Authority
- State General Revenue Fund
- Economic Development Project Bridge Loan Fund
Notable changes
- Reduces the available funds in the Economic Development Project Bridge Loan Fund.
- Shifts funds from a specific project loan fund to the general revenue fund.
Fiscal impact
The bill directs the transfer of $28,564,089.61 from the Economic Development Project Bridge Loan Fund to the State Fund, General Revenue.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Smith (Mr. President)
Cosponsor
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