FISCAL NOTE
Date Requested: January 23, 2020
Time Requested: 04:28 PM |
| Agency: |
Economic Development Authority, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1484 |
Introduced |
SB506 |
|
|---|
| CBD Subject: |
Economic Development |
|---|
|
FUND(S):
9061
Sources of Revenue:
Special Fund
Legislation creates:
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.
As drafted, SB 506 creates a new office under the Department of Commerce and requires the Secretary of Commerce to appoint an administrator for the new office, and authorizes the hiring of staff and appointment of an advisory board . While there would be personnel costs and other administrative costs associated with the creation of this new office, those costs would be borne by the Department of Commerce, not the West Virginia Economic Development Authority. As a result, SB 506 would have no fiscal impact on the West Virginia Economic Development Authority.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2020
Increase/Decrease
(use"-") |
2021
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.
SB 506 would have no fiscal impact on the West Virginia Economic Development Authority.
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.
None to the knowledge of the West Virginia Economic Development Authority.
Person submitting Fiscal Note: Caren Wilcher
Email Address: caren.d.wilcher@wv.gov