FISCAL NOTE
Date Requested: February 09, 2017 Time Requested: 08:08 AM |
Agency: |
Higher Education Policy Commission |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2072 |
Introduced |
SB184 |
|
CBD Subject: |
Education (Higher) |
---|
|
FUND(S):
0589
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.
Senate Bill 184, if enacted would transition the West Virginia School of Osteopathic Medicine from a state owned and operated entity to a not-for-profit corporation. Beginning in Fiscal Year 2019, budget savings would be realized through General Fund State Appropriations reductions totaling $ 7,365,957. These savings would be offset by General Fund State Appropriations disbursed to the WVSOM West Virginia Student Tuition Transition Fund totaling $2,500,000 in Fiscal Years 2018 and 2019, and $2,200,000 in Fiscal Year 2020.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2017 Increase/Decrease (use"-") |
2018 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
2,500,000 |
-7,365,957 |
Personal Services |
0 |
0 |
-5,671,787 |
Current Expenses |
0 |
2,500,000 |
-1,694,170 |
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
As of June 30, 2016, The West Virginia School of Osteopathic Medicine’s cash and investment balances totaled about $57.1 million. The depreciated value of its capital assets reflect on its statement of net position totaled about $79.6 million. The insured value of its capital assets reported to the West Virginia Board of Risk and Insurance Management is about $134.2 million.
Person submitting Fiscal Note: Ed Magee
Email Address: edward.magee@wvhepc.edu