FISCAL NOTE

Date Requested: January 13, 2020
Time Requested: 04:01 PM
Agency: Higher Education Policy Commission
CBD Number: Version: Bill Number: Resolution Number:
1398 Amendment HB4143
CBD Subject:


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.


House Bill 4143, if enacted, would implement the Business PROMISE + Scholarship program. The program would permit employers in the state to fund premium scholarship awards for certain PROMISE-eligible applicants. The Business PROMISE+ Scholarship would be awarded to PROMISE-eligible students in lieu of the PROMISE Scholarship. It is the intent of the legislation to fund the program from donations by West Virginia Businesses. The enactment of this legislation would not require additional appropriations because West Virginia Businesses are expected to pay the costs of the program. It is typical for the administrative costs for financial aid programs to be paid from the funds accumulated for those programs. The anticipated administrative costs for the Business PROMISE + Scholarship program, including two positions, would be about $130,000.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2020
Increase/Decrease
(use"-")
2021
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 0 0
2. Estimated Total Revenues 0 0 0


Explanation of above estimates (including long-range effect):






Memorandum






    Person submitting Fiscal Note: Ed Magee
    Email Address: edward.magee@wvhepc.edu