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