FISCAL NOTE
Date Requested: January 11, 2019 Time Requested: 11:33 AM |
Agency: |
Economic Development Authority, WV |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1512 |
Introduced |
SB31 |
|
CBD Subject: |
Counties |
---|
|
FUND(S):
NEW FUND
Sources of Revenue:
Other Fund Combination of general revenues derived from county property tax collections and special revnues from county impact fees and service fees
Legislation creates:
Creates New Fund: County Road and Infrastructure Improvement Account
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The provisions of the proposed bill would create a new special revenue account in the State Treasury known as the County Road and Infrastructure Improvement Account, under which counties may have subaccounts, to be administered by the West Virginia Economic Development Authority (WVEDA) pursuant to intergovernmental agreements to be entered into between WVEDA and the various counties, to finance the costs of road construction projects and related infrastructure improvements. It is anticipated that sizeable legal fees would be incurred by WVEDA related to the preparation and execution of intergovernmental agreements that would be necessary with each county and that additional administrative costs would be incurred by WVEDA to administer the various subaccounts within the County Road and Infrastructure Improvement Account, but no estimates of such additional costs can be made at this time. It is also anticipated that additional administrative costs would be incurred in connection with the issuance of various revenue bonds and the responsibilities placed on WVEDA under the proposed bill to make certain certifications on May 1 of each year to every county commission for which it has issued revenue bonds. WVEDA believes that it will need to add staff to manage and administer the new account and revenue bond program.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2019 Increase/Decrease (use"-") |
2020 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):
It is anticipated that sizeable legal fees would be incurred by WVEDA related to the preparation and execution of intergovernmental agreements that would be necessary with each county and that additional administrative costs would be incurred by WVEDA to administer the various within the County Road and Infrastructure Improvement Account and manage and administer the revenue bond program, but no estimates of such additional costs can be made at this time. It is anticipated that additional staff would be necessary.
Memorandum
None to WVEDA's knowledge.
Person submitting Fiscal Note: Caren Wilcher
Email Address: caren.d.wilcher@wv.gov