|Date Requested:March 24, 2005
Time Requested:02:40 PM
| FUND(S) |
Sources of Revenue
Legislation creates:A New Program
Effect this measure will have on costs and revenues of state government.
|The portion of this legislation pretaining to this office creates a new Innovation Center within the West Virginia Development Office with a Director appointed by the Governor. The primary purpose of the Innovation Center is to foster and support economic development and the advancement and commercialization of new and emerging technologies through collaboration agreements between business -industry and the state.|
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||91,000||566,000||620,000|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
The above estimate is based on a staff of six- a Chief Officer and five project developers located around the state at various locations. Due to the short time frame for the Chief Officer to file an initial preliminary report to the joint legislative oversight commission on transportation and infrastructure (November 1,2005) it will probably be necessary to obtain the services of a consultant to perform this study while staff for this program are being recruited . It would be helpful that any funds leftover from this year be reapproriated so this consultant can start in a timely manner. No funds are included in this estimate for the matching grant program called for in this legislation.