FISCAL NOTE
Date Requested: February 16, 2021 Time Requested: 03:07 PM |
Agency: |
Development Office |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1490 |
Introduced |
HB2544 |
|
CBD Subject: |
Economic Development |
---|
|
FUND(S):
General Revenue
Sources of Revenue:
General Fund
Legislation creates:
Creates New Program
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 would require approximately 3 FTE staff members to administer this new program. One manager of the program and two support staff member.
The Insurance Commission should also submit a fiscal note to provide the anticipated amount of tax credit for 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 |
195,500 |
195,500 |
Personal Services |
0 |
175,500 |
175,500 |
Current Expenses |
0 |
20,000 |
20,000 |
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.
Increase by 3.00 Total FTE, one manager and two support staff. We are estimating $130,000 in total salaries plus benefits of $45,500 for a total of $175,500 for Personal Services and Benefits.
The $20,000 for Current Expenses is a modest figure for supplies, equipment and miscellaneous expenses for three staff.
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.
Again, the Insurance Commission would need to provide the costs of the tax credit.
Person submitting Fiscal Note: Steve Meester
Email Address: Steve.Meester@wv.gov