2022 Special Session I

Budget Amendments - HB30 (Conference Report)

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Virginia College Savings Plan

Item 497 #1c

Item 497 #1c

First Year - FY2023 Second Year - FY2024
Independent Agencies
Virginia College Savings Plan FY2023 ($8,000,000) FY2024 ($8,000,000) NGF

Page 517, line 42, strike "$50,585,338" and insert "$42,585,338".
Page 517, line 42, strike "$52,270,249" and insert "$44,270,249".

Page 518, line 2, strike "$10,000,000" and "$10,000,000" and insert "$0" and "$0".

Page 518, line 5, strike "$15,335,774" and "$16,447,584" and insert:

"$17,335,774" and "$18.447.584".

Page 518, line 17, after "scholarships.", insert:

"As part of its ongoing review of access and affordability of higher education in Virginia, the Joint Legislative Audit and Review Commission (JLARC) is hereby directed to review (i) evidence of the effectiveness of the SOAR Virginia program and other Virginia College Savings Plan access and affordability efforts involving financial aid-related grants and scholarships, and (ii) whether the net operating revenue of Virginia College Savings Plan can best support higher education access and affordability through SOAR or other state access and affordability programs."

Page 518, strike lines 22 through 32 and insert:

"F. That in accordance with the provisions of Item 4-3.02 of this act and pursuant to the passage of House Bill 2174, 2021 General Assembly, the Virginia College Savings Plan shall receive a non-interest-bearing treasury loan in an amount not to exceed $2 million each year of the biennium to cover the costs of designing and implementing a state-facilitated IRA savings program, until such time as the Program is self-sustaining. Such loan may be renegotiated, as appropriate, and the Plan shall commence repayment with the Program fees and revenues once the Program has achieved at least one year of Program cash flow positivity.

G. Out of this appropriation, $2,867,245 the first year and $4,552,156 the second year from nongeneral funds is for enhanced operations within the Virginia College Savings Plan related to cybersecurity, information technology, and customer service."


(This amendment removes funding and a new service area established for a proposed expanded access and affordability program at the Virginia College Savings Plan and provides language directing the Joint Legislative and Audit Review Commission (JLARC) to incorporate review of the SOAR program and agency net operating revenue into its ongoing statewide review of access and affordability of higher education in Virginia. Additionally, this amendment also continues existing budget language pertaining to the new state-facilitated IRA savings program and includes language regarding approved expenditures for additional operating appropriation provided in both years.)