FISCAL NOTE
Date Requested: January 30, 2023 Time Requested: 12:41 PM |
Agency: |
Economic Development Authority, WV |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
3253 |
Introduced |
HB3130 |
|
CBD Subject: |
Energy |
---|
|
FUND(S):
NEW FUND
Sources of Revenue:
General Fund
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 HB 3130 is to create the West Virginia Coalfields Energy Research and Economic Development Authority. The new Authority would be a public corporation and, upon creation, would be charged with promoting opportunities for energy development, energy storage, and manufacturing in the “West Virginia coalfields”, as such term is defined in the bill. The new Authority would be comprised of five members, four of whom to be appointed by the governor, and one of whom to be the Secretary of the Department of Economic Development who shall serve as chair of the new Authority. The proposed legislation would have no fiscal impact on the West Virginia Economic Development Authority but, if enacted into law, would require an appropriation to fulfill its purposes. The new legislation imposes a duty on the new Authority to maintain an office in the West Virginia coalfields, to administer its affairs, and to employ such consultants, attorneys, architects, engineers, accountants, financial experts, investment bankers, superintendents, managers, and other persons, employees and agents deemed necessary by the new Authority. The legislation requires a biennial report to the Governor and the Joint Committee on Government and Finance starting in 2025.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2023 Increase/Decrease (use"-") |
2024 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.
HB 3130 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.
HB 3130 creates a new agency, the West Virginia Coalfields Energy Research and Economic Development Authority. The proposed bill will require an appropriation so the new agency can fulfill its purposes. The Chairman of the Board of the new agency is the Secretary of the Department of Economic Development. A fiscal note should be sent to the Department of Economic Development to address the fiscal impact of the proposed bill creating a new agency.
Person submitting Fiscal Note: Caren Wilcher
Email Address: caren.d.wilcher@wv.gov