FISCAL NOTE
Date Requested: February 12, 2021
Time Requested: 02:23 PM |
| Agency: |
Higher Education Policy Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2515 |
Introduced |
SB253 |
|
|---|
| CBD Subject: |
Education (Higher) |
|---|
|
FUND(S):
General
Sources of Revenue:
General Fund
Legislation creates:
Creates New Revenue, Increases Existing Expenses, Creates New Fund: Business PROMISE Scholarship
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Senate Bill 253, if enacted, would implement the Business PROMISE + Scholarship program. The program would permit employers in the state to fund premium scholarship awards for certain PROMISE-eligible applicants. The Business PROMISE+ Scholarship would be awarded to PROMISE-eligible students in lieu of the PROMISE Scholarship. It is the intent of the legislation to fund the program from donations by West Virginia Businesses.
The enactment of this legislation would not require additional appropriations because West Virginia businesses are expected to pay the costs of the program.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2021
Increase/Decrease
(use"-") |
2022
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
130,000 |
130,000 |
| Personal Services |
0 |
130,000 |
130,000 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
130,000 |
130,000 |
Explanation of above estimates (including long-range effect):
It is typical for the administrative costs for financial aid programs to be paid from the funds accumulated for those programs. The anticipated administrative costs for the Business PROMISE + Scholarship program, including two positions, would be about $130,000.
Memorandum
Person submitting Fiscal Note: Ed Magee
Email Address: edward.magee@wvhepc.edu