|Date Requested:March 04, 2013
Time Requested:03:09 PM
| FUND(S) |
Sources of Revenue
|Other Fund WVDEVO Promotion Fund|
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
|The purpose of this Legislation is take half of the terminal income now being deposited in the Development Office Promotion Fund and place it in the Cultural Facilities and Capitol Resources Matching Grant Program Fund.|
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||-1,300,000||-1,300,000|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||-1,300,000||-1,300,000|
3. Explanation of above estimates (including long-range effect):
The above estimate is based on the loss of half of the annual receipts in the WV Development Office Promotion Fund. For the last three fiscal years the average annual deposits in the Promotion Fund have been $2,600,000. The money in this fund is used to cover the costs of print materials , placement of advertisements , and the costs of trade shows among other things designed to promote economic development in the state. At his time , except for the fact we would have less money to market the state , we do do not know what activities we will have to be cut back on.
|It should be noted that annual terminal revenue is decreasing each year. Based on the current year's collections to date the Development Office Promotion Fund will receive less than $2,400,000 this fiscal year.|