2018 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Wagner
Loan Fund for CTE Regional Centers

Item 136 #7s

Item 136 #7s

First Year - FY2019 Second Year - FY2020
Direct Aid to Public Education FY2019 $0 FY2020 $2,152,468 GF

Page 115, line 10, strike "$7,035,917,306" and insert "$7,038,069,774".

Page 136, after line 42, insert:

14.  CTE Facilities and Equipment Payments

A career and technical education regional schools facility and equipments grant program shall be conducted through the Virginia Public School Authority, through the issuance of notes in an amount estimated at up to $10,000,000 in fiscal year 2019 and $10,000,000 in fiscal year 2020.  Grant awards funds from the issuances shall be distributed to eligible regional CTE programs.  Regional CTE programs will be permitted to apply annually for grant funding.  Regional CTE schools would submit their applications to the Department of Education by August 1 of each year based on the criteria developed by the department.".


(This amendment creates a new loan fund to allow regional career and technical education centers a mechanism to borrow money for facility construction, renovation, and updating equipment and labs. Funding is provided in the second year for approximate debt service on first year issuances of approximately $10.0 million.)