FISCAL NOTE

Date Requested: January 27, 2022
Time Requested: 03:21 PM
Agency: Economic Development Authority, WV
CBD Number: Version: Bill Number: Resolution Number:
2362 Introduced SB494
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 SB 494 is to create a new Broadband Carrier Neutral and Open Access Infrastructure Development Fund in the State Treasury to be used to pay expenses for the Office of Broadband and to pay for line extension advancement and development projects including expansion of existing fiber and cable networks. The new Fund is to be administered by the Secretary of the Department of Economic Development, which is a department separate and distinct from the West Virginia Economic Development Authority. SB 494 will have no fiscal impact on the West Virginia Economic Development Authority.



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):


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. SB 494 will have no fiscal impact on the West Virginia Economic Development Authority.



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. A request for a Fiscal Note should be sent to the Department of Economic Development to address what fiscal impact the proposed bill may have on that department as administrator of the new fund.



    Person submitting Fiscal Note: Caren Wilcher
    Email Address: caren.d.wilcher@wv.gov