FISCAL NOTE

Date Requested: January 12, 2018
Time Requested: 12:28 PM
Agency: Higher Education Policy Commission
CBD Number: Version: Bill Number: Resolution Number:
1411 Introduced HB4037
CBD Subject:


FUND(S):

0589

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.


    House Bill 4037, if enacted, would create a new maximum $10,000 annual scholarship available to all West Virginians upon graduation from high school that remain in West Virginia to pursue an associate’s or bachelor’s degree. The legislation would require recipients to have a 2.0 GPA, and graduate in no more than four years for an undergraduate degree or two and a half years for an associate’s degree. In addition, repayment would be required on a year-to-year basis unless the recipient remains in the state and is employed on a full-time basis in West Virginia.
    
    It is estimated that the initial FY 2019 cost of this legislation to be added to the current $47.5 million allocated for PROMISE would be approximately $50.7 million. Upon full implementation, the estimated costs to be added to the current $47. 5 million allocated for PROMISE would be about $126.4 million annually.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2018
Increase/Decrease
(use"-")
2019
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 50,700,000 126,400,000
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 50,700,000 126,400,000
2. Estimated Total Revenues 0 0 0


Explanation of above estimates (including long-range effect):


    Please see attached documents
    



Memorandum


    



    Person submitting Fiscal Note: Ed Magee
    Email Address: edward.magee@wvhepc.edu