FISCAL NOTE
Date Requested: March 08, 2017 Time Requested: 01:16 PM |
Agency: |
Secretary of State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2999 |
Introduced |
SB547 |
|
CBD Subject: |
|
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|
FUND(S):
0155, 1612, 1617 and 8854
Sources of Revenue:
General Fund,Special Fund
Legislation creates:
A New Program
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The change in legislation would have four different impacts on revenue and expenses at the Secretary of State’s Office.
1. The fee increase for the Articles of Incorporation of for-profit corporations from $50 to $100 will create an increase in fund 1617 of $111,500 with no increase in expenses.
2. Removing the cap from Fund 1612 at the end of the fiscal year will cause a decrease in expense in Fund 1612 of $437,491 and a decrease in General Funds revenues of the same amount.
3. The addition of Business and Licensing expedited service fees will cause an increase in revenue in the General Fund of $43,950 and an increase in revenue in Fund 1612 of the same amount.
4. The reduction in Election Cycle Subscription service fee from $6,000 to $3,000 will have no fiscal impact on fund 8854.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2017 Increase/Decrease (use"-") |
2018 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
0 |
0 |
Personal Services |
0 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
-437,491 |
-437,491 |
2. Estimated Total Revenues |
0 |
636,891 |
636,891 |
Explanation of above estimates (including long-range effect):
• The estimate on item 1 above is based on 2,203 FY 2015-2016 filings of Articles of Incorporation of for-profile corporations with an increase cost of $50.
• The estimate on item 2 above is based on the actual amount of the cash balance in Fund 1612 over $500,000 at the end of the 2015-2016 fiscal year.
• The estimate on item 3 above is based on an estimated of 879 business paying $100 for expedited services in the fiscal 2017-2018 (this will be the first year expedited services fee will be available in West Virginia).
• The estimate on item 4 above is based on the assumption that customers purchasing monthly statewide voter registration list will move to the Election Cycle Subscription Service, since the yearly fee for the service will be approximately the same as purchasing multiple monthly voter list which is currently the practice of the customers. The yearly cost to the customer will be approximately $3,000 whichever option they choice, so there is no fiscal impact.
Memorandum
With the additional revenue, the Secretary of State’s Office could fund the Legislature’s mandate imposed by W.Va. Code 31D-1-131 et seq. for the One Stop Business efforts for office space, equipment and four (4) full-time business support specialists which would cross-train with tax/labor departments to provide businesses with the “ONE-STOP” mandate.
Person submitting Fiscal Note: John Anthony Sandoro
Email Address: jsandoro@suddenlink.net