Item 470 | First Year - FY2007 | Second Year - FY2008 |
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Investment, Trust, and Insurance Services (72500)
a sum sufficient, estimated at | $85,490,584 | $100,989,512 |
| Payments to Institutions of Higher Education (72505) | FY2007 $80,000,000 | FY2008 $95,000,000 |
| Investment Services for Virginia Prepaid Education Program (72506) | FY2007 $2,695,880 | FY2008 $2,784,380 |
| Investment Services for Virginia Education Savings Trust Program (72507) | FY2007 $2,794,704 | FY2008 $3,205,132 |
| Fund Sources: | | |
| Enterprise | FY2007 $85,490,584 | FY2008 $100,989,512 |
Authority: Title 23, Chapter 4.9, Code of Virginia.
A. Amounts for Payments to Institutions of Higher Education represent the payment of benefits to postsecondary educational institutions on behalf of program participants, estimated at $80,000,000 the first year and $95,000,000 the second year, to be funded from nongeneral funds pursuant to § 23-38.76, Code of Virginia.
B. Amounts for Payments to Institutions of Higher Education cover the current obligations of the Fund as provided for in Title 23, Chapter 4.9, Code of Virginia.
C. Amounts for Investment Services cover variable or unpredictable costs of the Virginia Prepaid Education Program, estimated at $2,695,880 the first year and $2,784,380 the second year, to be funded from nongeneral funds pursuant to § 23-38.76, Code of Virginia.
D. Amounts for Trust Services cover variable and unpredictable costs of the Virginia Education Savings Trust, estimated at $2,794,704 the first year and $3,205,132 the second year, to be funded from nongeneral funds pursuant to § 23-38.76, Code of Virginia.