FISCAL NOTE
Date Requested: January 20, 2016
Time Requested: 04:00 PM |
| Agency: |
Motor Vehicles, Division of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1214 |
Introduced |
HB4168 |
|
|---|
| CBD Subject: |
Motor Vehicles |
|---|
|
FUND(S):
Road Fund
Sources of Revenue:
Special 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 create a special motor vehicle collector license plate; to define collector motor vehicle and motor vehicle collector; to allow the holder of a motor vehicle collector license plate to transfer a special plate temporarily among collector motor vehicles owned by the collector; and to establish requirements and fees for a motor vehicle collector license plate application.
The closest plate for comparison purposes is our antique license plate. Currently the Division of Motor Vehicles issues 5,660 antique plates. It is estimated that 15% (850) of those plates would convert to a collector plate and of those 10% (85) would request a second plate.
Our current antique plate cost is $6.80 with administrative costs of approximately $5. It is also estimated that any collector plate sales would reduce the number of antique plate sales by an equal amount. Estimated revenues would be $53,550 with estimated costs at $11,033, and the loss of $28,050. Net revenues are estimated to be $25,500 each year.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2016
Increase/Decrease
(use"-") |
2017
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
11,033 |
11,033 |
11,033 |
| Personal Services |
4,695 |
4,695 |
4,695 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
6,358 |
6,358 |
6,358 |
| 2. Estimated Total Revenues |
25,500 |
25,500 |
25,500 |
Explanation of above estimates (including long-range effect):
Current Antique Plates
$6.80 - Cost
$5.00 - Administrative Cost
$11.80 - Cost per plate
Estimated Collector Plates and Totals
5,666 – Total of Antique Plates
850 - 15% of Antique Plates switch to Collector Plates
85 - 10% of Collector Plates request second plate
935 - Total Collector Plates
Cost Estimate
$11.80 - Cost per plate
935 -Total Collector Plates
$11,033 - Total Cost
Estimated Revenue
$51,100 - $60 per Antique Plate
$2,500 - $30 per second Antique Plate
$53,550 - Revenue
Loss of Antique Plate Sales
935 - Collector Plates
$30 - Cost per Antique Plate
$28,050 - Loss
Estimated Net Revenue
$53,550 - Revenue
$28,050 - Loss
$25,500 - Net Revenue
Memorandum
Person submitting Fiscal Note: Raeann Kriner
Email Address: raeann.k.kriner@wv.gov