HB 4428
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 any unencumbered money received through reappropriations – funds specifically allocated for certain purposes – to the state’s general revenue fund. The Treasurer is responsible for making these transfers within 30 days of the law’s enactment. There are exceptions to this rule if the transfer would violate federal law, require repayment to the fund provider, or jeopardize bond repayment. This change aims to increase the amount of money available in the general revenue fund.
Key provisions
- The Treasurer must transfer 50% of unencumbered balances from reappropriated revenue accounts.
- The transfer deadline is 30 days after the law’s enactment.
- Transfers are prohibited if they violate federal law.
- Transfers are prohibited if they require repayment to the fund provider.
- Transfers are prohibited if they jeopardize bond repayment.
Who is affected
- The West Virginia State Treasurer
- State agencies receiving reappropriated funds
- The General Revenue Fund
Notable changes
- This bill introduces a mandatory transfer requirement for reappropriated revenue.
- It establishes a specific percentage (50%) for the transfer amount.
Fiscal impact
The bill is expected to reduce the amount of money available in reappropriated revenue accounts, potentially impacting the funding of specific programs.
Sponsors
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