FISCAL NOTE

Date Requested: February 14, 2022
Time Requested: 12:53 PM
Agency: Education, WV State Board of
CBD Number: Version: Bill Number: Resolution Number:
1417 Amendment HB4080
CBD Subject: Economic Development


FUND(S):

N/A

Sources of Revenue:

General Fund N/A

Legislation creates:

Increases Revenue From Existing Sources, Creates New Expense



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 estimated total cost for the West Virginia Technical Assistance Program is $353,000 annually. Estimates for program administration include the associate degrees awarded, and tax credits for 6-month payroll tax.



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 353,000 353,000 353,000
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. An estimated total cost of $353,000 annually to fully implement the West Virginia Technical Assistance Program. A breakdown is below: - 100 students in program receiving Associate Degree = approx. $200,000 (@ $2,000/per student/ per degree awarded) - Tax credit for 6 month payroll tax = approx. $153,000 (100 students @ $20,000/year x .0765 FICA/Medicare)



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. These are WVDE estimates only. Please note these estimates do not include financial impacts associated with tax credits for equipment donations or ARC grants.



    Person submitting Fiscal Note: Clinton Burch
    Email Address: ccburch@k12.wv.us