FISCAL NOTE
Date Requested: March 15, 2021 Time Requested: 11:50 AM |
Agency: |
Economic Development Authority, WV |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
3345 |
Introduced |
HB3168 |
|
CBD Subject: |
Economic Development |
---|
|
FUND(S):
9061
Sources of Revenue:
Other Fund Special Revenue
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.
The purpose of the proposed bill is to create a new Small Business and Minority Populations Economic and Workforce Development Taskforce of which the Executive Director of the West Virginia Economic Development Authority, or his or her designee, would serve as a member. This new taskforce would be responsible for assisting the West Virginia Economic Development Authority in developing and implementing a program to promote small businesses growth and address employment, labor force participation and economic development challenges of low income and minority population in the state. No estimates of additional revenues can be made at this time. It is anticipated that additional administrative costs would be incurred by the West Virginia Economic Development Authority in implementing any such new program envisioned by the bill, including the addition of staff, as well as additional administrative costs incurred to reimburse taskforce members for their out-of-pocket expenses incurred in connection with the performance of their duties, including reimbursement for travel expenses to attend meetings.
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 |
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):
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.
It is anticipated the bill will increase the administrative costs of the West Virginia Economic Development Authority but is is not possible to estimate the increase at this time. WVEDA is not able to make any estimate of additional revenues for State government that could arise as a result of any program implemented by the proposed taskforce.
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.
The use of the word "Director" of WVEDA on page 1, Line 3 and page 5, Line 98, which is inconsistent with the use of the words "Executive Director" elsewhere in the bill.
Person submitting Fiscal Note: Caren Wilcher, Associate Director
Email Address: caren.d.wilcher@wv.gov