FISCAL NOTE
Date Requested: June 17, 2019
Time Requested: 04:45 PM |
| Agency: |
Higher Education Policy Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 4162 |
Introduced |
HB197 |
|
|---|
| CBD Subject: |
Education (K12) |
|---|
|
FUND(S):
GENERAL REVENUE
Sources of Revenue:
General Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
House Bill 197, if enacted, would rename the Underwood-Smith Loan Assistance Program as the Teacher Education Loan Repayment Program.
In addition, the legislation would modify the program to require applicants be currently employed under a full-time contract within the state school system for a specific number of years and establish a minimum annual award level, which shall be effective for school years beginning on or after July 1, 2020.
It is estimated that the annual costs associated with this program upon full implementation would be the current appropriation of $328,000, assuming no changes to the Scholarship Program.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2019
Increase/Decrease
(use"-") |
2020
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
328,000 |
328,000 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
Loan repayment would be awarded beginning in FY2020. The current $328,000 appropriation would be needed to phase out the existing Underwood Smith Teacher Loan Assistance Program and continue the current Underwood-Smith Teacher Scholarship. The other costs associated with the program would remain constant from FY 2021 through its full implementation.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
Person submitting Fiscal Note: Marilyn Bowe
Email Address: Marilyn.Bowe@wvhepc.edu