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