FISCAL NOTE

Date Requested: January 22, 2018
Time Requested: 08:25 AM
Agency: Housing Development Fund, WV
CBD Number: Version: Bill Number: Resolution Number:
1665 Introduced HB4140
CBD Subject: Corporations, Governor -- Bills Requested By


FUND(S):

Affordable Housing Trust-self supporting

Sources of Revenue:

Other Fund Real estate transfer fee

Legislation creates:

Decreases Existing Expenses



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    Both the WV Affordable Housing Trust (the AHT) and the WV Housing Development Fund (the HDF) are self-supporting organizations and this legislation will have no affect on the costs and revenues of the State. Both organizations share a common mission of providing affordable housing. By consolidating the AHT into the HDF as proposed, the cost of operating the AHT can be reduced and government will be streamlined.
    
    
    
    
    
    
    
    
    
    
    
    Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2018
Increase/Decrease
(use"-")
2019
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 -72,769 -72,769
Personal Services 0 -17,591 -17,591
Current Expenses 0 -55,178 -55,178
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 0 0


Explanation of above estimates (including long-range effect):


    The estimated savings assumes the legislation will become effective July 1, 2018 and therefore will have no impact on the current FY2018 operations. Beginning with FY 2019, personnel, benefits, audit, professional fees and other administrative operating costs will be reduced by a net estimated $72,769.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.



Memorandum


    This bill will provide operating efficiencies and reduce administrative expenses while preserving the AHT programs and purposes to provide affordable housing through non-profit organizations.
    
    
    
    
    
    
    Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.



    Person submitting Fiscal Note: Erica L. Boggess, fiscal agent for the AHT
    Email Address: eboggess@wvhdf.com