FISCAL NOTE
Date Requested: January 27, 2023 Time Requested: 01:29 PM |
Agency: |
Higher Education Policy Commission |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1897 |
Introduced |
HB3068 |
|
CBD Subject: |
Education (K12) |
---|
|
FUND(S):
General
Sources of Revenue:
General Fund
Legislation creates:
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.
This bill would create the West Virginia STEM Scholarship Act, which would provide two separate levels of debt relief to West Virginia K-12 schoolteachers who are teaching in STEM-related fields. Eligible teachers would also have to hold a master’s degree in education; be employed by a kindergarten through 12 school in this state for a minimum of five years; fill a science, technology, engineering, or mathematics ("STEM") position; and have available debt to qualify, as scholarship funds to recipients shall not exceed any debt owed.
According to the bill, a teacher who is employed in a West Virginia school for a minimum of five years in a STEM position, would be eligible for up to $5,000 in debt relief through this scholarship. A teacher who has been employed in a West Virginia school for a minimum of 10 years and holds a STEM specialization would be eligible for up to $10,000 in debt relief, or for an additional amount of $5,000 if a five-year option was taken after their initial five years of employment.
The Higher Education Policy Commission cannot determine the number of teachers in the state who may meet the criteria outlined in the proposed bill. However, for every 25 teachers eligible for the award, the annual cost would be between $125,000 and $250,000, depending on the repayment rate of $5,000 annually or $10,000 annually.
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.
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: Robert Wallett
Email Address: robert.wallett@wvhepc.edu