FISCAL NOTE
Date Requested: March 01, 2017 Time Requested: 12:13 PM |
Agency: |
Economic Development Authority, WV |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2798 |
Introduced |
SB485 |
|
CBD Subject: |
Corporations |
---|
|
FUND(S):
Sources of Revenue:
Special Fund
Legislation creates:
A New Program,A New Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill takes $25 million from the West Virginia Board of Treasury Investments to create a new program to assist in the financing of the expansion of broadband in West Virginia.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2017 Increase/Decrease (use"-") |
2018 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
-25,000,000 |
0 |
0 |
Personal Services |
5,000 |
5,000 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
0 |
0 |
2. Estimated Total Revenues |
50,000 |
50,000 |
0 |
Explanation of above estimates (including long-range effect):
Revenue estimate is calculated based on average loans outstanding of $12.5 million at an interest rate of 4%. Any revenues are transferred back to the West Virginia Board of Treasury Investments as a return of their investment.
Memorandum
The West Virginia Enterprise Capital Fund, LLC was established approximately fifteen years ago to administer funds utilized in promoting and expanding venture capital money in West Virginia.
That entity formed by WVEDA has a total different purpose and I would discourage co-mingling funds from this endeavor in the WV Enterprise Capital Funds, LLC.
If approved the WV Board of Treasury Investment non-recourse loan could go direct to the WV Economic Development Authority and eliminate reference to WV Enterprise Capital Fund, LLC.
Person submitting Fiscal Note: David Warner, Executive Director
Email Address: David.A.Warner@wv.gov