FISCAL NOTE

Date Requested: February 10, 2021
Time Requested: 04:57 PM
Agency: Commerce, WV Dept of
CBD Number: Version: Bill Number: Resolution Number:
1200 Introduced SB47
CBD Subject:


FUND(S):

General Revenue

Sources of Revenue:

General Fund

Legislation creates:

Creates New Expense



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 Department of Commerce is currently working with WVU on a similar initiative. We are developing a program in conjunction with WVU where an incentive would be paid from the donation made late last year. If this Bill would pass it could compliment and co-exist with the other program. If this would be a separate, but similar program funded by General Revenue, the fiscal impact would depend on the amount of General Revenue that would be funded. For example, if the desire would be to attract 100 new workers with this program, $500,000 would need to be available. We will base the fiscal note on that number but it would increase or decrease relationally.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2021
Increase/Decrease
(use"-")
2022
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 500,000 500,000
Personal Services 0 0 0
Current Expenses 0 500,000 500,000
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. Making $500,000 available in General Revenue for a new worker relocation incentive grant program would allow 100 grants to be awarded each year.



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. N/A



    Person submitting Fiscal Note: Steve Meester
    Email Address: Steve.Meester@wv.gov