FISCAL NOTE

Date Requested: March 02, 2022
Time Requested: 01:44 PM
Agency: Economic Development Authority, WV
CBD Number: Version: Bill Number: Resolution Number:
2464 Comm. Sub. HB4479
CBD Subject: Economic Development


FUND(S):

9061

Sources of Revenue:

Other Fund SPECIAL REVENUE

Legislation creates:

Creates New Program



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 the proposed bill is to create a new Coalfield Community Grant Facilitation Commission as a separate independent body corporate of the state, of which the Executive Director of the West Virginia Economic Development Authority, or his or her designee, would serve as the chairperson. This new Commission would be responsible for administering state funds appropriated by the Legislature, as well as any gifts, grants or other contributions received, and placed into a newly created special revenue fund, to be used as matching funds for local public and private entities in coalfield communities seeking grants from federal, state or private sources. The proposed bill requires the West Virginia Economic Development Authority to assist the Commission in its functions and operations including, but not limited to, providing administrative, clerical and technical support. It is anticipated that additional administrative costs would be incurred by the West Virginia Economic Development Authority in implementing any such new program envisioned by the bill, including the addition of at least one administrative staff member.



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. The existing West Virginia Economic Development Authority staff will provide assistance in the form of administrative, clerical and technical support to the Commission. The proposed bill does not provide for any additional revenues to the West Virginia Economic Development Authority any potential increases in expenses. The bill does create a new special revenue fund of the Commission to be funded, at least in part, by an appropriation. The West Virginia Economic Development Authority is not able to estimate any impact on the State’s general revenue fund because the proposed bill does not address the amount of any appropriation to be made into the new fund.



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.



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