Date Requested:January 09, 2014
Time Requested:01:09 PM
Agency: Education, Department of
CBD Number: Version: Bill Number: Resolution Number:
2014R1068 Introduced SB60
CBD Subject: REINTRO2013-573PUBLISHFINANCIAL STATEMENTS
FUND(S)
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.

    The purpose of this bill is to amend and reenact §18-9-3a of the Code of West Virginia, 1931, as amended, relating to publication of financial statements by county boards of education; providing that only a notice of availability of the statement be published; and providing that the cost of publishing the notice be paid from the board’s general fund.

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2014
Increase/Decrease
(use"-")
2015
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 -178,674 -178,674
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 -178,674 -178,674
2. Estimated Total Revenues 0 0 0
3. Explanation of above estimates (including long-range effect):
    There are no savings to the State of WV under this proposal as the cost of publishing the financial statements is borne by the county boards of education. Based on a survey of chief school business officials, the estimated savings to the county boards of education is $178,674 annually. The most recent publication of financial statements cost the county boards of education $184,834, and the estimated cost to publish only the notice of availability is only $6,160.


Memorandum
Person submitting Fiscal Note:
Brenda Freed
Email Address:
bfreed@access.k12.wv.us