FISCAL NOTE
FUND(S):
State Funds
Sources of Revenue:
Other Fund Debt Resolution Services
Legislation creates:
A New Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The best estimate of revenue potential is an increase of $5.9 million to $7.8 million annually based on results of implementation of similar programs in other states. At thim time, we anticipate using existing personnel and re-assigning them or expanding their job duties to include debt resolution services function. Also, we believe we have the ability to provide the necessary training to staff largely within current budget constraints.
Accordingly, we believe costs to provide start-up training, equipment, etc. to staff would total $100,000. Upon launch, these costs will be paid from fees charged to debtors utilizing the services provided by the division.
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 |
100,000 |
0 |
Personal Services |
0 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
0 |
0 |
2. Estimated Total Revenues |
0 |
7,800,000 |
5,900,000 |
Explanation of above estimates (including long-range effect):
Memorandum
Person submitting Fiscal Note: Mack E. Parsons
Email Address: mack.parsons@wvsao.gov