Date Requested:January 11, 2012
Time Requested:03:22 PM
Agency: Higher Education Policy Commission
CBD Number: Version: Bill Number: Resolution Number:
2012R1054 Introduced SB22
CBD Subject: PROMISE SCHOLARSHIPS
FUND(S)
0589
Sources of Revenue
General Fund
Legislation creates:
Neither Program nor Fund

Fiscal Note Summary

Effect this measure will have on costs and revenues of state government.

    Fiscal Note S22
    Promise Scholarship
    
    SB22, if enacted, would add Salem University as an eligible institution and modify provisions regarding the higher education institutions that are eligible to continue to receive Promise Scholarship (Scholarship) Funds. An eligible institution that changed its status from a private, not-for-profit institution would not be become ineligible. The cost of the legislative change would be approximately $24,000 in the first year and increase to apprximately $81,000 by the fourth year and each year thereafter.
    
    

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2012
Increase/Decrease
(use"-")
2013
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 23,750 80,750
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 23,750 80,750
2. Estimated Total Revenues 0 0 0
3. Explanation of above estimates (including long-range effect):
    It is estimated that 5 students would receive the Scholarship in the first year. From the second year through the fourth year, it is estimated that an additional five students would be awarded the Scholarship. It is anticipated that each year one student within each cohort would lose eligibility for the Scholarship. At the end of four years and each year thereafter, an estimated 17 students would receive the award.
    
    Academic # of
     Year Students Cost
    1 5 23,750
    2 9 42,750
    3 13 61,750
    4 17 80,750
    


Memorandum
Person submitting Fiscal Note:
Ed Magee
Email Address:
emagee@hepc.wvnet.edu