FISCAL NOTE
Date Requested: January 26, 2024
Time Requested: 08:54 AM |
| Agency: |
Treasurer's Office, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1501 |
Amendment |
HB4322 |
|
|---|
| CBD Subject: |
Education (K12) |
|---|
|
FUND(S):
1327
Sources of Revenue:
Special Fund
Legislation creates:
Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The proposed amendment would allow students in grade levels 9-12 to participate in the Hope Scholarship Program beginning for the 2024-2025 academic year. The State Treasurer's Office estimates it would require the funding for four additional positions to handle the increased workload if the amendment were enacted. The FY25 fiscal note below is the estimated cost for four additional positions under the Hope Scholarship Division of the Treasurer's Office beginning in FY25. This estimate includes the cost of salaries, insurance, retirement, and other required benefits.
Next, the amendment would allow students in grade levels 5-12 to participate in the Hope Scholarship Program beginning for the 2025-2026 academic year. The effect of this provision would open the Hope Scholarship Program up to all grade levels except grade level 4 because, under current law, grade levels K-3 will already be eligible to participate in the Hope Scholarship Program as the Program will be in its fourth year of operations by academic year 2025-2026.
Finally, the amendment would allow all existing non-public school students to be eligible to participate in the Hope Scholarship Program for the 2026-2027 academic year. According to the West Virginia Department of Education, a total of 38,377 students would become eligible for the program. The State Treasurer's Office estimates it would require the funding for ten additional positions to handle the significantly increased workload upon full implementation. The fiscal note below is the estimated cost for ten additional positions under the Hope Scholarship Division of the Treasurer's Office. This estimate includes the cost of salaries, insurance, retirement, and other required benefits.
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 |
337,727 |
844,318 |
| Personal Services |
0 |
337,727 |
844,318 |
| 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):
Memorandum
Person submitting Fiscal Note: James Fuerhoff
Email Address: james.fuerhoff@wvsto.gov