FISCAL NOTE
Date Requested: January 24, 2022
Time Requested: 04:35 PM |
| Agency: |
Higher Education Policy Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2215 |
Introduced |
SB477 |
|
|---|
| CBD Subject: |
Education (Higher) |
|---|
|
FUND(S):
General
Sources of Revenue:
General Fund
Legislation creates:
Creates New Expense
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Senate Bill 477,if enacted, would establish the Promise Plus program that would award additional funding to students who meet more rigorous standards. Those students will be awarded funding under the current Promise program and the proposed Promise Plus program to cover the full tuition cost at the institutions students are attending.
The annual additional cost for the Promise Plus program is estimated to be $17.3 million. This cost is additional to the current Promise Scholarship annual appropriations.
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 |
0 |
17,300,000 |
17,300,000 |
| Personal Services |
0 |
142,000 |
142,000 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
17,158,000 |
17,158,000 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The estimate is based on the following considerations and assumptions:
-The students will meet more rigorous standards. The estimated cost below is based on students who have high school GPA of 3.75 or higher and have a composite ACT score of 26 or higher (or a composite SAT score of 1240 or higher).
-The number of students per institutions is based on up to 3-year average depending on available data.
-The additional tuition cost to be covered by Promise Plus is based on the 2021-2020 tuition cost at each institution. The cost of West Virginia community and technical colleges is estimated at the average tuition across all community and technical colleges.
-Administrative cost is included to cover expenses for student tracking. The cost includes $20,000 per 1,000 students plus an additional position dedicated to Promise Plus administration.
Memorandum
Person submitting Fiscal Note: Ed Magee
Email Address: edward.magee@wvhepc.edu