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2008 Session

Budget Bill - HB29 (Chapter 847)

Virginia College Savings Plan

Item 470

Item 470 (Not set out)

First Year - FY2007Second Year - FY2008
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 $80,000,000FY2008 $95,000,000
Investment Services for Virginia Prepaid Education Program (72506)FY2007 $2,695,880FY2008 $2,784,380
Investment Services for Virginia Education Savings Trust Program (72507)FY2007 $2,794,704FY2008 $3,205,132
Fund Sources:  
EnterpriseFY2007 $85,490,584FY2008 $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.