FISCAL NOTE

Date Requested: January 19, 2022
Time Requested: 03:09 PM
Agency: Department of Economic Development
CBD Number: Version: Bill Number: Resolution Number:
1985 Introduced HB4259
CBD Subject: Economic Development


FUND(S):

General Revenue

Sources of Revenue:

General Fund

Legislation creates:

Creates New Expense, Creates New Program



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


The purpose of this bill is to create the Small Business Jumpstart Act and directs the Department of Economic Development to receive, review, and approve or deny applications. This will require an additional FTE for the Department of Economic Development.



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 81,000 77,500
Personal Services 0 67,500 67,500
Current Expenses 0 13,500 10,000
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):


One FTE at $50,000 plus $17,500 in benefits and $10,000 ongoing current expenses for fees, supplies and travel for the full-time position. $3,500 would be one-time for computer and phone equipment.



Memorandum


Clarification is needed to understand the full scope of the Department of Economic Development's responsibilities. All language in the Bill referring to Development Office should be changed to Department of Economic Development. The terms "Authority" and "Controller" are used in the Bill but did not seem to be clearly defined.



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