FISCAL NOTE
Date Requested: January 16, 2024
Time Requested: 12:40 PM |
| Agency: |
Education, WV Department of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1888 |
Introduced |
HB4767 |
|
|---|
| CBD Subject: |
Education (K12) |
|---|
|
FUND(S):
0317
Sources of Revenue:
General Fund
Legislation creates:
Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The estimated cumulative cost to the State under the Public School Support Program (PSSP) for the proposed salary increase for public school professional personnel is $114,749,328.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2024
Increase/Decrease
(use"-") |
2025
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
114,749,328 |
114,749,328 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
114,749,328 |
114,749,328 |
| 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):
The estimated cost to the State under the Public School Support Program (PSSP) for the $5,005 across the board increase in the basic teacher salary schedule is $114,749,328 for fiscal year 2024-25 and annually thereafter. This cost estimate includes the estimated increases in Step 1 for professional educator salaries ($90,637,113), Step 3 for fixed charges ($7,980,541), Step 5 for professional student support salaries ($6,214,108), Step 6 for substitute costs ($2,421,281), and retirement ($7,496,285). Note that county boards of education will incur additional costs for personnel employed in excess of funded, personnel employed in positions not eligible for state aid funding, personnel employed using other funding sources such as state or federal grants, and extended employment terms for professional personnel. Such county level costs are not included in the above estimates. The West Virginia Consolidated Public Retirement Board (CPRB) should also be consulted to obtain the additional cost to the State due to the impact of the proposed salary increases on the unfunded retirement liability for the Teachers' Retirement System (TRS). This cost estimate does not assume the passage of other legislation. If other changes are made to the PSSP, it could result in an increased cost for the pay increases.
Memorandum
N/A
Person submitting Fiscal Note: Uriah Cummings
Email Address: Uriah.Cummings@k12.wv.us