West Virginia House Bill HB5451

West Virginia 2024 Regular Session

• Introduced: 2/5/24
• Refer: 2/5/24

Caption

Expiring funds to the General Revenue Surplus from Personal Income Tax Reserve Fund

Impact

The impact of HB 5451 could significantly influence the state's budget management, particularly regarding the distribution of surplus funds. By expiring the funds into the unappropriated surplus balance, it allows for potential reallocation to areas that may need financial support or adjustment later in the fiscal year. This could enhance the responsiveness of the state in addressing various financial obligations, ensuring that state-funded initiatives remain adequately financed without incurring deficiencies due to misallocated surplus.

Summary

House Bill 5451 proposes to expire a total of $150,000,000 from the Personal Income Tax Reserve Fund into the unappropriated surplus balance of the State Fund, General Revenue for the fiscal year ending June 30, 2024. This legislative action is aimed at reallocating excess funds deemed unnecessary for their originally intended purpose while ensuring that the state has available funds for various appropriations as the fiscal year progresses. The bill illustrates the state’s approach to managing its financial resources efficiently by addressing surplus balances in specific funds.

Sentiment

Sentiments around HB 5451 appear to be generally pragmatic, emphasizing a responsible approach to budget management rather than ideological contention. Given that the bill revolves around financial procedures rather than controversial policy changes, the discussions surrounding it likely focus on accountability and effective use of state funds. Lawmakers may express concern or support based on the current fiscal climate and the overall health of the state's budget rather than on partisan lines.

Contention

Although HB 5451 does not appear to incite significant controversy, the general debate on budget reallocations always invites scrutiny about the priorities set by the state legislature. Some members may call into question the criteria for determining which funds are considered unnecessary and how the surplus is eventually allocated. The potential for disagreement lies in whether the funds should be expiring into surplus or utilized for other pressing budgetary needs, alongside calls for greater transparency in financial decision-making processes.