TO: | Honorable Dan Branch, Chair, House Committee on Higher Education |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB4556 by Naishtat (Relating to measures to promote the pursuit of higher education by AmeriCorps participants.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2010 | ($2,114,203) |
2011 | ($2,102,604) |
2012 | ($2,102,604) |
2013 | ($2,102,604) |
2014 | ($2,102,604) |
Fiscal Year | Probable Savings/(Cost) from General Revenue Fund 1 |
---|---|
2010 | ($2,114,203) |
2011 | ($2,102,604) |
2012 | ($2,102,604) |
2013 | ($2,102,604) |
2014 | ($2,102,604) |
Fiscal Year | Change in Number of State Employees from FY 2009 |
---|---|
2010 | 1.0 |
2011 | 1.0 |
2012 | 1.0 |
2013 | 1.0 |
2014 | 1.0 |
The Higher Education Coordinating Board has indicated that they would need to hire one FTE, a program director, to manage the financial assistance program, develop the incentive program, develop measures to promote higher education participation, work with institutions to promote awards, monitor funds, and determine if AmeriCorp members should receive academic credit for service.
The cost associated with the salary and benefits for program director will be $89,203 in fiscal year 2010 and $77,604 in fiscal year 2011 and subsequent years.
The Higher Education Coordinating Board has estimated the costs associated with the financial assistance awards at $2,025,000 annually based on 300 students receiving grants of $6,750 per student. These amounts are based on 300 reduced half time AmeriCorps members being paid $10 per hour and serving 675 hours at 15 institutions of higher education.
Source Agencies: | 781 Higher Education Coordinating Board
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LBB Staff: | JOB, KK, RT, GO
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