1998 Session

Budget Amendments - HB30 (Conference Report)

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Shortfall in TAG Appropriation

Item 158 #2c

Item 158 #2c

First Year - FY1999 Second Year - FY2000
Education: Higher Education
State Council of Higher Education for Virginia FY1999 $1,367,600 FY2000 $0 GF

Page 122, line 22, strike "$39,998,090" and insert "$41,365,690".
Page 122, line 52 strike "$33,800,000" and insert "$35,167,600".
Page 123, strike lines 27 through 31, and insert:
"State Council of Higher Education for inclusion in pro rata distributions to the need-based undergraduate financial aid programs of the public institutions of higher education.  However, no part of the amounts appropriated for tuition assistance grants shall revert to the State Council until all qualified students who apply have received grants of $2,600 the first year and $2,600 the second year."
Page 123, line 49, after "program." , insert:
"The information provided to students and their parents must include information about the eligibility requirements, the application procedures, and the fact that the amount of the award is an estimate and is not guaranteed.  The number of students applying for participation and the funds appropriated for the program determine the amount of the award.  Conditions for reduction of award amount and award eligibility are described in this item and in the regulations issued by the State Council of Higher Education."

(This amendment provides additional funds to cover a possible increase in the number of Virginia students who may be eligible in fiscal year 1999 for the $2,600 Tuition Assistance Grant (TAG). The budget as introduced provided funding for a projected 13,000 eligible students at Virginia's private institutions of higher education. The revised enrollment estimate for fiscal year 1998 is 13,260. This amendment reflects an increase of two percent over the fiscal year 1998 level, or an enrollment level of 13,526 in fiscal year 1999. The amendment also states that any surplus in the TAG appropriation after eligible students have received $2,600 shall be distributed among the need-based financial aid programs of the public institutions of higher education. Currently, the surplus reverts to the general fund. Direction is also provided to the private colleges on informing students and parents about the nature of the TAG program.)