FISCAL NOTE
Date Requested: January 23, 2020
Time Requested: 11:18 AM |
| Agency: |
Natural Resources, WV Division of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2655 |
Introduced |
HB4505 |
|
|---|
| CBD Subject: |
Natural Resources |
|---|
|
FUND(S):
State Park Operating Fund
Sources of Revenue:
Special Fund
Legislation creates:
Creates New Fund:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill would provide funding to support the State Park System for the enjoyment of West Virginians, visitors, and promote tourism which will enhance the State’s economic outlook.
These amounts would be put toward maintenance, repairs, improvements, and preserving the parks, forests, rail trails, and recreational facilities. Many of the facilities, built in the 1950s and 1960s, are in need of repairs and maintenance, foundation work, and water and sewer upgrades/repair projects.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2020
Increase/Decrease
(use"-") |
2021
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 |
173,865 |
358,163 |
0 |
Explanation of above estimates (including long-range effect):
To prepare this Fiscal Note, several assumptions are required because of limited historic data. Assuming the royalty payments will continue at the rate of Fiscal Year 2019, which were $2,897,756, and that the potential long-term investment earnings from the principal could average six percent, the calculated estimates are as follows: ($2,897,756 x 6% = $173,865) for the first year.
Thereafter, royalty payments could increase. Assuming the royalties for the first fiscal year are the same for the second year, and no withdrawal from the fund is made, the calculation would be $2,897,756 from the previous year plus previous year earnings of $173,865 = $3,071,621 + second year royalties of $2,897,756 = $5,969,377 x 6% = $358,163.
Memorandum
For additional information concerning this fiscal note, please contact:
Mark W. Wylie, District Administrator
Parks and Recreation Section
Division of Natural Resources
324 4th Avenue
South Charleston, WV 25303-1228
304.558.2764 office
304.389.5041 cell
304.558.0077 fax
Mark.W.Wylie@wv.gov
Person submitting Fiscal Note: Amanda Morris
Email Address: amanda.l.morris@wv.gov