2020 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Barker
Co-Patron(s): Hashmi, McClellan
VA529 - SOAR Funding

Item 491 #2s

Item 491 #2s

First Year - FY2021 Second Year - FY2022
Independent Agencies
Virginia College Savings Plan FY2021 $1,000,000 FY2022 $1,000,000 NGF

Page 473, line 29, strike "$33,683,169" and insert "$34,683,169".
Page 473, line 29, strike "$34,834,735" and insert "$35,834,735".

Page 474, strike lines 4 through 9.


(This amendment would provide additional appropriations for SOAR Virginia, and remove the requirement that support for SOAR be from existing appropriations. In FY 2019, VA529 had excess of $16 million of net operating revenue that was allocated at year-end to Prepaid529. Prepaid529 was actuarially funded at 151.7 percent as of June 30, 2019. Funding for SOAR is supported by operating revenues from program administrative fees. SOAR Virginia is an early commitment scholarship program created to inspire and assist high school students to reach their post-secondary education goals. A student must be in grades 10-12 in a participating Virginia high school, agree to comply with the SOAR Virginia pledge, including the minimum cumulative GPA at the time of enrollment of 2.5, and qualify to participate in the National School Lunch Program.)