FISCAL NOTE
Date Requested: January 12, 2022
Time Requested: 04:41 PM |
| Agency: |
Commerce, WV Dept of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1129 |
Introduced |
SB114 |
|
|---|
| CBD Subject: |
|
|---|
|
FUND(S):
Federal and General
Sources of Revenue:
General Fund Both General and Federal
Legislation creates:
Creates New Expense, Creates New Program
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.
The portions of the Bill that reference Secretary of Commerce should be changed to Secretary of Economic Development.
The matching grant program could be as much as $20,000,000 in General Revenue but that should render $100,000,000 in Federal Revenue for infrastructure.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2022
Increase/Decrease
(use"-") |
2023
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
20,781,000 |
20,781,000 |
| Personal Services |
0 |
67,500 |
67,500 |
| Current Expenses |
0 |
20,713,500 |
20,713,500 |
| 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.
Federal Revenue:
$350,000 Contract for Initial Research Study and $350,000 to contract for Technical Assistance Support. Also one FTE at $50,000 plus $17,500 in benefits and $13,500 for equipment, supplies and travel for the full-time position.
General Revenue:
If $20,000,000 of State General Revenue dollars were invested it is estimated to match $100,000,000 of Federal dollars for infrastructure.
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.
Again, Secretary of Commerce should be replaced by Secretary of Economic Development for purposes of this Bill.
Person submitting Fiscal Note: Steve Meester
Email Address: Steve.Meester@wv.gov