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 |
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|
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