West Virginia Senate Bill SB657

West Virginia 2024 Regular Session

• Introduced: 2/5/24
• Refer: 2/5/24
• Report Pass: 2/22/24
• Engrossed: 2/24/24
• Refer: 2/26/24
• Enrolled: 3/6/24
• Passed: 3/14/24
• Chaptered: 4/23/24

Caption

Expiring funds from Excess Lottery Revenue Fund to General Revenue

Impact

The implications of SB657 are significant for the state budget as it seeks to streamline financial management and ensure that surplus funds are utilized efficiently. By transferring these funds, the state is able to fortify its General Revenue position, potentially allowing for increased funding in a variety of state programs and services that rely on these funds. This move is expected to facilitate better resource allocation within the state government for the forthcoming fiscal year and beyond.

Summary

Senate Bill 657 focuses on adjusting the state's financial allocations by expiring $71,000,000 from the State Excess Lottery Revenue Fund to the unappropriated surplus balance within the General Revenue Fund for the fiscal year ending June 30, 2024. This act aims to make better use of surplus funds that are not currently earmarked for specific purposes, thereby increasing the available resources for state appropriations moving forward. The bill, by effectively managing funds, is intended to enhance the overall fiscal health of the state's budget.

Sentiment

The sentiment surrounding SB657 appears favorable as the bill passed unanimously with no votes against it. This bipartisan support indicates a general consensus among lawmakers about the necessity of optimizing the state’s budgetary expenditures and ensuring that unappropriated funds are actively reduced to support ongoing governmental functions. Legislators acknowledged the importance of maintaining a robust financial base to meet the diverse needs of West Virginia’s citizenry.

Contention

While the voting history indicates strong support for SB657, the bill does touch upon the ongoing discussions about fiscal responsibility and the governance of state resources. Some stakeholders may express concerns about the potential for reduced funding flexibility in future budgeting processes, favoring a thoroughly transparent dialogue around how these revenues are best utilized to serve residents' needs. However, no notable points of contention were recorded during the discussions leading up to the bill's passage.