This bill aims to amend the West Virginia Flood Resiliency Trust Fund by significantly increasing its capitalization from an initial $40 million to a one-time allocation of $250 million. The bill emphasizes the need for proactive measures to mitigate the impacts of recurring and severe flooding events in the state. To fund this initiative, it proposes allocating $100 million from the Revenue Shortfall Fund and $150 million from the Income Tax Reserve Fund, thereby jumpstarting the State Resiliency and Flood Protection Act.

Additionally, the bill mandates that the State Resiliency Officer, with the State Auditor's concurrence, present an annual expenditure report to the State Resiliency Office Board by December 1. Following verification of the expenditures, the Board will submit a budget to the Governor by December 31, with the possibility of requesting to replenish the Flood Fund up to its new capitalization of $250 million. Furthermore, it stipulates that at least six percent of any Community Development Block Grant-Disaster Recovery funds received after a flood disaster must be allocated for Flood Resiliency Plan development and implementation, ensuring compliance with federal regulations and alignment with the state's recovery goals.

Statutes affected:
Introduced Version: 29-31-13