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2016 Session

Budget Bill - HB29 (Chapter 732)

Virginia College Savings Plan

Item 479

Item 479

First Year - FY2015Second Year - FY2016
Investment, Trust, and Insurance Services (72500)
     a sum sufficient, estimated at
$165,540,967$192,326,809
$193,328,109
Payments for Tuition and Educational Expense Benefits (72505)FY2015 $156,300,000FY2016 $183,000,000
Investment, Trust and Related Services for Virginia529 prePAID Program (72506)Investment, Trust and Related Services for Virginia529 prePAID ProgramFY2015 $4,701,300FY2016 $4,769,504
$5,770,804
Investment, Trust and Related Services for Virginia529 inVEST Program and other Higher Education Savings Programs (72507)Investment, Trust and Related Services for Virginia529 inVEST Program and other Higher Education Savings ProgramsFY2015 $4,539,667FY2016 $4,557,305
Fund Sources: 
EnterpriseFY2015 $165,540,967FY2016 $192,326,809
$193,328,109

Authority: Title 23, Chapter 4.9, Code of Virginia.


A. Amounts for Payments for Tuition and Educational Expense Benefits represent the payment of benefits to postsecondary educational institutions on behalf of program participants under the Virginia529 prePAID Program, estimated at $156,000,000 the first year and $183,000,000 the second year, from nongeneral funds pursuant to § 23-38.76, Code of Virginia.


B. Any moneys collected, distributed or held for the benefit of participants under the Virginia529 inVEST Program and other higher education savings programs, including any income from such funds, are not subject to the provisions of §§ 2.2-1800 through 2.2-1825, inclusive, or § 23-38.76 (A) of the Code of Virginia requiring deposit in the State Treasury.  This provision does not apply to the Virginia529 prePAID Program, or Plan administrative fee revenue.


C. Amounts for Payments for Tuition and Educational Expense Benefits cover the current obligations of the fund as provided for in Title 23, Chapter 4.9, Code of Virginia.


D. Amounts for Investment, Trust and Related Services cover variable or unpredictable costs of the Virginia529 prePAID Program, estimated at $4,701,300 the first year and $4,769,504 the second year, from nongeneral funds pursuant to § 23-38.76, Code of Virginia.


E. Amounts for Investment, Trust and Related Services cover variable and unpredictable costs of the Virginia529 inVEST Program and other higher education savings programs, estimated at $4,539,667 the first year and $4,557,305 the second year, from nongeneral funds pursuant to § 23-38.76, Code of Virginia.