FISCAL NOTE



FUND(S):



Sources of Revenue:

Other Fund 3171

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 Legislation is to take half 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.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2014
Increase/Decrease
(use"-")
2015
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 -1,235,000 -1,235,000
Personal Services 0 0 0
Current Expenses 0 -1,235,000 -1,235,000
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 -1,235,000 -1,235,000


Explanation of above estimates (including long-range effect):


The above estimate is based on half of the annual transfers to the Promotion Fund. The average annual receipts for the last three fiscal years has been $2,470,000. These funds are used to cover the costs of various activities designed to promote economic development in the state, such as printed materials,advertisements, and trade show costs. We not sure at this time what activities we would have to cut ,if this Legislation were to pass .



Memorandum


It should be noted that the terminal revenue being transferred to the Promotion Fund is decreasing each year. The total amount transferred to the Promotion Fund in fiscal year 2013 was $2,275,280.This represents a decrease of almost $350,000 from fiscal year 2012.



    Person submitting Fiscal Note: Carl D Smith
    Email Address: carl.d.smith@wv.gov