FISCAL NOTE
Date Requested: January 28, 2015
Time Requested: 10:42 AM |
| Agency: |
Higher Education Policy Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1950 |
Introduced |
HB2020 |
|
|---|
| CBD Subject: |
Education (Higher) |
|---|
|
FUND(S):
0586,0596
Sources of Revenue:
General Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
House Bill 2020, if enacted, would expand the PROMISE scholarship funds awarded to persons majoring in STEM (science, technology, engineering and mathematics) fields. The PROMISE scholarship would fund the tuition as well as the room and board for these students. For students attending public institutions, it is estimated that the total costs associated with this bill for would be approximately $185.6 million. If students attending public institutions comprise approximately 14% of the total Promise Scholarship recipient population and the costs for students attending private institutions are equivalent to the costs for students attending public institutions, the total annual cost would be about $215.8 million. The estimate does not include any additional costs associated with increases in the number of STEM majors.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2015
Increase/Decrease
(use"-") |
2016
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
215,800,000 |
215,800,000 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
215,800,000 |
215,800,000 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
To determine the costs associated with this legislation, the number of STEM majors minus the current STEM majors receiving PROMISE scholarships was multiplied by the total tuition and room and board for each institution. This total was added to the number of PROMISE scholar STEM majors multiplied by tuition and room and board minus the current amount of their Promise scholarship for each institution. If an institution did not have room and board charges, it was assumed that the amount they would charge would be the average room and board charges for the other institutions.
Memorandum
Person submitting Fiscal Note: Ed Magee
Email Address: emagee@hepc.wvnet.edu