FISCAL NOTE

Date Requested: January 28, 2019
Time Requested: 04:33 PM
Agency: Risk and Insurance Management, Board of (BRIM)
CBD Number: Version: Bill Number: Resolution Number:
2975 Introduced SB451
CBD Subject: Education (K12)


FUND(S):

2363 – Public Entity Insurance Trust Fund

Sources of Revenue:

Special Fund

Legislation creates:





Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


The proposed legislation indicates that the Board of Risk and Insurance Management (BRIM) shall provide liability insurance coverage for certain charter schools established pursuant to §18-5G-1 et seq. of this code that elect to obtain coverage from BRIM. BRIM does not currently maintain any exposure data related to charter schools as described in the legislation. Assuming the same property and liability coverage limits as currently provided to county boards of education is provided to the charter schools, the costs and expenses for the current fiscal year, or any subsequent fiscal year, would remain relatively unchanged. In addition, premium collected from both the county boards of education and charter schools would not change for the combined entities covered by BRIM’s liability insurance program as total student enrollment for county boards of education and charter schools combined should not increase or decrease as a result of the addition of charter schools.



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):


Although the number of insured entities may increase, total costs and revenues should not change significantly in the current or future fiscal years as total student enrollment would not be impacted by the addition of charter schools. However overall exposures may increase due to increases in property insured and increases in payroll resulting from additional teaching, service support and administrative positions that may be needed for any charter schools established.



Memorandum






    Person submitting Fiscal Note: Stephen Schumacher
    Email Address: stephen.w.schumacher@wv.gov