FISCAL NOTE
Date Requested: January 14, 2022 Time Requested: 02:41 PM |
Agency: |
Treasurer's Office, WV |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1799 |
Introduced |
SB8 |
|
CBD Subject: |
Finance and Administration |
---|
|
FUND(S):
1303, 1316
Sources of Revenue:
Special Fund
Legislation creates:
Decreases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill makes important updates to the Code to reflect the recent termination of the Prepaid Tuition Program and consolidates the SMART529 College Savings Board and the Jumpstart Savings Board into a single board: “The Board of Trustees of the College and Jumpstart Savings Board.” The Treasurer's Office has determined that this legislation will create significant savings in administrative costs, investment management costs, and program start up costs.
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 |
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):
While the exact amount of cost savings from passage of this legislation is difficult to calculate, the State Treasurer's Office can estimate based upon the cost of implementing and administering similar sized programs a cost savings of approximately $300,000 annually in consulting, auditing, and administrative fees that would otherwise be required absent this legislation.
Memorandum
Person submitting Fiscal Note: James Fuerhoff
Email Address: james.fuerhoff@wvsto.gov