Allows the Governor to borrow from the Revenue Shortfall Reserve Fund to maintain the Unemployment Compensation Fund balance above $50 million.

West Virginia HB5237 provides a mechanism for the Governor to borrow funds from the Revenue Shortfall Reserve Fund to deposit into the Unemployment Compensation Fund if its balance drops below $50 million. The Governor can borrow up to $50 million or the amount necessary to sustain the balance, whichever is less. Borrowing is only allowed if the Executive Director of Workforce West Virginia projects the fund balance will be less than $50 million within 30 days. Borrowed funds must be repaid within 180 days and can only be used to pay benefits. Borrowing is prohibited after September 1, 2027.

Allows the Governor to borrow from the Revenue Shortfall Reserve Fund to maintain the Unemployment Compensation Fund balance above $50 million.

West Virginia HB5237 provides a mechanism for the Governor to borrow funds from the Revenue Shortfall Reserve Fund to deposit into the Unemployment Compensation Fund if its balance drops below $50 million. The Governor can borrow up to $50 million or the amount necessary to sustain the balance, whichever is less. Borrowing is only allowed if the Executive Director of Workforce West Virginia projects the fund balance will be less than $50 million within 30 days. Borrowed funds must be repaid within 180 days and can only be used to pay benefits. Borrowing is prohibited after September 1, 2027.