FISCAL NOTE
Date Requested: February 24, 2025
Time Requested: 02:24 PM |
| Agency: |
Economic Development Authority, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2757 |
Introduced |
HB2844 |
|
|---|
| CBD Subject: |
Economic Development |
|---|
|
FUND(S):
Unknown
Sources of Revenue:
Other Fund Unknown
Legislation creates:
Creates New Expense
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.
Proposed HB2844 describes certain responsibilities more associated with the West Virginia Department of Economic Development (WVDED) which was established to support business growth and retention through various programs already in existence. Specifically, its Small Business Development Center and associated services and staff target this segment of businesses located in WV.
In addition, the West Virginia Jobs Investment Trust (WV JIT) has funding targeted toward entrepreneurs that are considered likely to succeed/survive a start-up period such as five or more years of operations.
The WVDED is well aware of any benefits to be derived from the WV JIT and work closely together in this segment of economic development.
The West Virginia Economic Development Authority (WVEDA) is primarily focused on manufacturing businesses and industrial complexes, which often exceed the definition of a small business, to provide funding support for business expansion, improvements, or new locations. As such, being a finance authority, the WVEDA would not be a direct party to the initiatives associated with HB 2844.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
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):
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.
Not applicable to the WVEDA.
Primarily applicable to the WVDED.
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 requirement for the WVEDA to file a fiscal note is considered to be met, but note, HB2844 is not directly applicable to the WVEDA and is directly applicable to the WVDED.
Person submitting Fiscal Note: J. Steven Webb
Email Address: Steven.J.Webb@wv.gov