FISCAL NOTE
Date Requested: February 13, 2023
Time Requested: 04:23 PM |
| Agency: |
Higher Education Policy Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3749 |
Introduced |
HB3411 |
|
|---|
| CBD Subject: |
Education (K12) |
|---|
|
FUND(S):
General
Sources of Revenue:
Special Fund
Legislation creates:
Creates New Expense, Creates New Program, Creates New Fund: Scholarship Fund for Underrepresented Groups as Educators
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 creates a statewide initiative to promote teacher preparation programs aimed at underrepresented groups. The bill provides that the West Virginia State Board of Education and county boards of education will create initiatives for this purpose. The bill establishes a scholarship fund known as the “Scholarship Fund for Underrepresented Groups as Educators” and provides an appropriation of $10 million per year from the state general revenue to the special treasury fund. These funds are to be distributed one third to minorities, one third to males, and one third to persons in rural, isolated or impoverished areas bill provides for definitions. The bill sets forth criteria for the scholarship. Scholarship recipients must work full-time in an education related field within the State of West Virginia for a duration of not less than one year for each year the scholarship was received, or they must repay all or part of the scholarship received plus interest and collection fees.
The enactment of this bill would add $10 million in annual appropriations. Any moneys remaining in the fund at the close of the fiscal year shall be carried forward for use in the next fiscal year. Fund balances are to be invested with the state’s consolidated investment fund with interest earnings being placed back into the fund.
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 |
10,000,000 |
10,000,000 |
| 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.
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