FISCAL NOTE
Date Requested: January 13, 2022 Time Requested: 03:17 PM |
Agency: |
Education, WV State Board of |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1417 |
Introduced |
HB4080 |
|
CBD Subject: |
Economic Development |
---|
|
FUND(S):
N/A
Sources of Revenue:
General Fund
Legislation creates:
Increases Revenue From Existing Sources, Creates New Expense
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
The estimated total cost for the West Virginia Technical Assistance Program is $503,000 annually. Estimates for program administration include the executive director salary, associate degrees awarded, and tax credits for 6-month payroll tax.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2022 Increase/Decrease (use"-") |
2023 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
503,000 |
503,000 |
503,000 |
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 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
An estimated total cost of $503,000 annually to fully implement the West Virginia Technical Assistance Program. A breakdown is below:
- Executive Director annual salary = approx. $150,000
- 100 students in program receiving Associate Degree = approx. $200,000 (@ $2,000/per student/ per degree awarded)
- Tax credit for 6 month payroll tax = approx. $153,000 (100 students @ $20,000/year x .0765 FICA/Medicare)
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
These are WVDE estimates only. Please note these estimates do not include financial impacts associated with tax credits for equipment donations or ARC grants.
Person submitting Fiscal Note: Clinton Burch
Email Address: ccburch@k12.wv.us