FISCAL NOTE
Date Requested: February 20, 2025
Time Requested: 04:20 PM |
| Agency: |
Charter School Board, West Virginia Professional |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3281 |
Introduced |
SB547 |
|
|---|
| CBD Subject: |
Education (K12) |
|---|
|
FUND(S):
Charter Schools Startup Fund
Sources of Revenue:
Special Fund
Legislation creates:
Creates New Revenue, Creates New Fund: Charter Schools Startup Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill states: "The fund consists of money appropriated by the Legislature, grants, gifts, devises, and donations from any public or private source. All interest and other returns derived from the deposit and investment of money in the Charter Schools Startup Fund shall be credited to the fund."
Since the bill does not appropriate money from the Legislature, but nongovernmental sources may provide grants, gifts, devises, and donations, the bill will tend to increase revenue to public charter schools without cost to the public. The Legislature may separately decide to appropriate money in a different bill.
Under the bill, the WV Professional Charter School Board (PCSB) merely administers the fund. The PCSB staff level is sufficient to add this administrative duty without adding staff.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
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 |
400,000 |
400,000 |
Explanation of above estimates (including long-range effect):
Estimating one full application amount in grants or donations per year ($300,000 plus $100,000) as new revenue for a new public charter school. Note that if the successful applicant does not create the school and use the funds for the school, the money plus 10% annual interest must be returned to the PCSB for the fund.
Memorandum
N/A
Person submitting Fiscal Note: Adam Kissel
Email Address: adam.kissel@wvpcsb.org