Bill > SB775

This bill addresses the expiration of funds from the West Virginia Economic Development Authority's Economic Development Project Bridge Loan Fund. Specifically, the bill proposes to transfer $28,564,089.61 from the fund's balance to the state's General Revenue unappropriated surplus balance for potential use during fiscal year 2025. The bill is based on the Governor's finding that the account balance in the Economic Development Project Bridge Loan Fund exceeds the amount necessary for its original purpose. The bill was introduced following the Governor's Executive Budget Document submission on February 12, 2025, which outlined the state's financial status and recommended fund expirations. By transferring these excess funds to the General Revenue surplus, the state can potentially reallocate the money for other budgetary needs during the fiscal year, providing flexibility in state financial management.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=775&year=2025&sessiontype=RS&btype=bill