FISCAL NOTE
Date Requested: February 17, 2016
Time Requested: 04:10 PM |
| Agency: |
Economic Development Authority |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2766 |
Introduced |
SB618 |
|
|---|
| CBD Subject: |
Banking and Finance, Economic Development |
|---|
|
FUND(S):
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The impact to the WV Economic Development Authority would be $550,000 times the number of commercial rafting licenses that have been issued in West Virginia. The WV Economic Development Authority does not know how may licenses have been issued nor does the bill state the number of licenses issued. Thus, by example,if 20 licenses have been issued the WV Economic Development Authority would have to dedicate $11,000,000 of special revenue to refinance the existing debts of license holders. These are funds that would otherwise be available to businesses wishing to finance new capital equipment or expand facilities in West Virginia.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2016
Increase/Decrease
(use"-") |
2017
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):
Memorandum
3 C 1 should read $550,000 per license to be consistant with earlier language.
Person submitting Fiscal Note: David Warner, Executive Director
Email Address: David.A.Warner@wv.gov