FISCAL NOTE
FUND(S):
0256
Sources of Revenue:
General Fund
Legislation creates:
A New Program
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of this legislation is to create a nine member board to develop by-laws and establish application procedures for cities and counties to apply to the state to create Arts,Entertainment, and Enterprise Districts. The board must by December 1,2012 establish application procedures as well as take applications and review any sumitted in order to certify up to ten of these Districts. The Development office must also report to the Legislature by July,2013 concerning communities desiginated during 2012, as well perform a study of similiar programs around the country and make a recommendation whether a tax credit program should be established.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2012 Increase/Decrease (use"-") |
2013 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
50,000 |
302,500 |
Personal Services |
0 |
0 |
202,500 |
Current Expenses |
0 |
50,000 |
100,000 |
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 costs for fiscal year 2013 is based on the need to cover the travel costs of the six board members from outside of state government to attend twelve monthly meetings as well as the cost to employ a consultant to perform a study of the various progams available throughout the country. The fiscal year 2014 costs are based on the Development Office hiring three additional staff to administer this program.
Memorandum
This legislation previously established a tax credit program for these Districts as well as a state financial aid program for arts and entertainment ventures in these Districts. We are not sure what the interest in these Districts would be without some kind of incentives.
Person submitting Fiscal Note: Carl D Smith
Email Address: carl.d.smith@wv.gov