Item 485 | First Year - FY2019 | Second Year - FY2020 |
|---|---|---|
| Administrative and Support Services (79900) | $30,517,037 | $30,120,929 |
| General Management and Direction (79901) | FY2019 $14,621,468 | FY2020 $14,674,541 |
| Investment, Trust and Related Services for Prepaid529 Program (79950) | FY2019 $6,447,127 | FY2020 $6,373,856 |
| Trust and Related Services for Invest529 Program and other Higher Education Savings Programs (79951) | FY2019 $8,344,180 | FY2020 $7,947,613 |
| Investment, Trust and Related Services for Achieving a Better Life Experience (ABLE) Program (79952) | FY2019 $1,104,262 | FY2020 $1,124,919 |
| Fund Sources: | ||
| Enterprise | FY2019 $30,517,037 | FY2020 $30,120,929 |
Authority: Title 23.1, Chapter7, Code of Virginia.
A. Out of the amounts appropriated to this Item, $650,000 the first year and $650,000 the second year from nongeneral funds are designated for a comprehensive compensation plan to link pay to performance.
B. Amounts for Investment, Trust and Related Services cover variable or unpredictable costs of the Prepaid529 Program, estimated at $6,402,127 the first year and $6,373,856 the second year, from nongeneral funds pursuant to § 23.1-701, Code of Virginia.
C. Amounts for Investment, Trust and Related Services cover variable and unpredictable costs of the Invest529 Program and other higher education savings programs, estimated at $7,376,575 the first year and $7,435,613 the second year, from nongeneral funds pursuant to § 23.1-701, Code of Virginia.
D.1. Included in this appropriation is $2,000,000 the first year and $2,000,000 the second year from nongeneral funds to support SOAR Virginia scholarships.
2. Of the appropriation provided in D.1., $1,000,000 the first year and $1,000,000 the second year shall be from existing appropriations provided in this item.
3. The funding provided to SOAR Virginia in D.1. and D.2. above are contingent upon the Prepaid529 fund having an actuarial fund value of at least 100 percent in the prior fiscal year and Virginia529 operating expenses must have less than a 70 percent operating expense to operating revenue ratio in the prior fiscal year unless otherwise authorized by the Governor.
E. The newly created Investment Director position at the Virginia College Savings Plan shall assist the CEO and Board in directing, managing, and administering the Plan's assets. The Investment Director shall serve at the pleasure of the Board and may be removed by a majority vote of the Board.