HB 5585
Relating to authorizing the use of Revenue Shortfall Reserve Funds for public health emergencies.
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies the West Virginia Revenue Shortfall Reserve Fund to allow its use during public health emergencies. It designates specific counties with struggling public service districts and water boards as experiencing a public health emergency, making them eligible for funding from the reserve fund. The bill also outlines procedures for borrowing funds from the reserve fund and provides for the allocation of funds to investment management boards, with a portion specifically designated for the counties identified.
Key provisions
- Authorizes the use of Revenue Shortfall Reserve Funds for public health emergencies in designated counties.
- Designates Boone, Lincoln, Logan, Fayette, McDowell, Mercer, Mingo, Raleigh, and Wyoming counties as experiencing public health emergencies.
- Allows the Governor to borrow funds from the Revenue Shortfall Reserve Fund to address shortfalls.
- Establishes a process for the Legislature to convene and address revenue shortfalls through supplementary appropriations.
- Specifies how the Revenue Shortfall Reserve Fund – Part B, funded by the Tobacco Settlement Medical Trust Fund, can be used.
- Limits the total amount that can be appropriated from the Revenue Shortfall Reserve Fund and the Revenue Shortfall Reserve Fund – Part B to 10% of the total appropriations from the State Fund, General Revenue.
- Directs a portion of the Revenue Shortfall Reserve Fund to investment management boards.
- Requires notification to legislative leaders before borrowing funds from the Reserve Fund.
Who is affected
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