FISCAL NOTE
Date Requested: February 07, 2022
Time Requested: 12:55 PM |
| Agency: |
Water Development Authority, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2436 |
Introduced |
HB4566 |
|
|---|
| CBD Subject: |
|
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FUND(S):
Governmental Fund
Sources of Revenue:
Other Fund We do not know the source of revenues
Legislation creates:
Creates New Expense, Creates New Program, Creates New Fund: West Virginia Economic Enhancement Grant Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
At this time, we do not know the source of revenues nor the amount of revenue that will fund the West Virginia Economic Enhancement Grant Fund ("Fund")
The legislation allows the Water Development Authority to reimburse administrative costs incurred from this Fund.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2022
Increase/Decrease
(use"-") |
2023
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
20,000 |
125,000 |
105,000 |
| Personal Services |
0 |
85,000 |
85,000 |
| Current Expenses |
20,000 |
25,000 |
20,000 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
15,000 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
Fiscal Year 2022
If the legislation is effective from passage, we will incur start up costs this fiscal year. The main cost this fiscal year would be legal costs to set up policies and OASIS account structures for a new fund.
Fiscal Year 2023
Personal Services: This allows for the funding of one employee and some pro rata share of staff involved in the oversight.
Current Expenses includes, legal cost of $12,000, auditing costs of $8,000, computer costs of $3,000 and $2,000 miscellaneous.
Assets: Modifications to WDA Dashboard $15,000
Upon Full Implementation
The full implementation costs will be same as FY2023 except for the $15,000 one time upgrade to the Dashboard and the auditing setup costs of $2,000 and another computer cost of $3,000 will not be needed. This is the $20,000 decrease in costs.
Expenses for Fiscal 2023 and upon full implementation will depend on the continuing funding of this Fund and the amount to be funded.
The legislation allows the Authority to be reimbursed from the Fund.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
The amount of the funding has been identified which could effect the costs associated with the legislation.
Person submitting Fiscal Note: Marie Prezioso
Email Address: mprezioso@wvwda.org