FISCAL NOTE
Date Requested: February 13, 2023
Time Requested: 02:43 PM |
| Agency: |
Higher Education Policy Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3432 |
Amendment |
HB3386 |
|
|---|
| CBD Subject: |
Education (Higher) |
|---|
|
FUND(S):
General
Sources of Revenue:
Special Fund
Legislation creates:
Creates New Expense, Creates New Program, Creates New Fund: National Merit Scholarship Program 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.
This bill creates the West Virginia National Merit Scholarship Program to be administered by the West Virginia Higher Education Policy Commission (HEPC). The intent of the bill is to encourage recipients of the National Merit Scholarship to remain in West Virginia for college and to work in West Virginia after graduation by providing an annual award equal to the cost of tuition, room, and board while in college. The bill establishes a special revenue fund known as the National Merit Scholarship Program Fund to include appropriations by the Legislature; gifts, grants, or contributions received; interest or other income earned from investment of the fund.
According to the proposed bill, for the fiscal year beginning July 1, 2024, the amount of this fund shall equal, but not exceed, $2,000,000. Each fiscal year thereafter will be incremented by one percent of the prior fiscal year amount.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2023
Increase/Decrease
(use"-") |
2024
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
2,000,000 |
2,000,000 |
| 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):
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.
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.
Person submitting Fiscal Note: Robert Wallett
Email Address: robert.wallett@wvhepc.edu