West Virginia House Bill HB5470

West Virginia 2024 Regular Session

• Introduced: 2/5/24
• Refer: 2/5/24

Caption

Expiring funds from Lottery Net Profits to General Revenue Surplus

Impact

The proposed changes under HB 5470 would impact the state's budget by decreasing the available balance in the Lottery Net Profits Fund while increasing the unappropriated surplus balance in the General Revenue Fund. This shift in funds is expected to enhance the state's fiscal flexibility, allowing for better management of existing resources in alignment with the approved budgetary strategies as laid out by the executive budget document submitted to the legislature.

Summary

House Bill 5470, introduced in the West Virginia Legislature, proposes the expiration of $35,000,000 from the Lottery Net Profits Fund to the unappropriated surplus balance of the State Fund, General Revenue. The bill aims to manage the state's budget by reallocating these funds for use in the fiscal year ending June 30, 2024. The measure is positioned as a necessary step to ensure that surplus funds are appropriately classified and can be utilized for state expenditures as needed.

Sentiment

The sentiment around HB 5470 appears to be generally neutral, with a focus on fiscal responsibility rather than a contentious ideological battle. Legislators emphasizing the importance of prudent fiscal management and appropriating surplus funds responsibly tend to support the bill, while concerns remain limited to the technical execution and transparency of fund management rather than broader ideological divides.

Contention

There are no major notable contentions reported regarding HB 5470 in the discussions around the bill. The fundamental aspect of the legislation revolves around financial management rather than policy issues that usually instigate debate. Thus, any opposition is more likely to concern procedural questions rather than oppositional opinions or ideological disagreements.