Item 497 | First Year - FY2023 | Second Year - FY2024 |
|---|---|---|
| Administrative and Support Services (79900) | $50,585,338 | $52,270,249 |
| General Management and Direction (79901) | FY2023 $20,835,795 | FY2024 $21,408,896 |
| Investment, Trust and Related Services for Achieving a Better Life Experience (ABLE) Program (79952) | FY2023 $2,413,769 | FY2024 $2,413,769 |
| Investment, Trust and Related Services for State-Facilitated IRA Savings Program (79953) | FY2023 $2,000,000 | FY2024 $2,000,000 |
| Higher Education Access and Affordability Programs (79954) | FY2023 $10,000,000 | FY2024 $10,000,000 |
| Investment, Trust and Related Services for Defined Benefit 529 Programs and other Education Savings Programs (79955) | FY2023 $15,335,774 | FY2024 $16,447,584 |
| Fund Sources: | ||
| Enterprise | FY2023 $50,585,338 | FY2024 $52,270,249 |
Authority: Title 23.1, Chapter 7, Code of Virginia.
A. The amounts appropriated to this Item are sufficient to continue funding a comprehensive compensation plan to link pay to performance.
B. Amounts for Investment, Trust and Related Services for Achieving a Better Life Experience (ABLE) Program cover personnel services, variable, and unpredictable costs from nongeneral funds pursuant to § 23.1-701, Code of Virginia.
C. Amounts for Investment, Trust and Related Services for Defined Benefit 529 Programs and other Education Savings Programs cover variable or unpredictable costs from nongeneral funds pursuant to § 23.1-701, Code of Virginia.
D. 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.
E. The 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.
F. Notwithstanding the provisions of Item 4-3.02 of this act and Chapter 556 of the Acts of Assembly of 2021, Special Session I, the Virginia College Savings Plan shall be granted a working capital advance of up to $20.0 million to cover the costs of designing, implementing, and managing the state-facilitated individual retirement account (IRA) savings program (Program). Up to $2.0 million per year from the working capital advance may be used to support the costs associated with the design, implementation, and management of the Program. Repayment of the working capital advance shall commence with available Program fees and revenues once the Program has achieved at least one year of Program cash flow positivity, currently projected at year 10 after Program establishment. Repayment of the working capital advance is anticipated to be completed within 10 years after repayment commences.