Virginia College Savings Plan [174]
Secretarial Area: Independent Agencies
Operating Budget Summary
This table shows the Governor's proposed budget for the next two years and the agency's official budget for the previous six years.
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Biennium Fiscal Year Source GF NGF Total
2008-2010 2009 Chapter 872, 2010 Acts of Assembly $0 $137,484,273 $137,484,273
2008-2010 2010 Chapter 872, 2010 Acts of Assembly $0 $163,452,894 $163,452,894
2010-2012 2011 Chapter 2, 2012 Acts of Assembly $0 $249,258,158 $249,258,158
2010-2012 2012 Chapter 2, 2012 Acts of Assembly $0 $272,256,809 $272,256,809
2012-2014 2013 Chapter 1, 2014 Acts of Assembly $0 $325,020,602 $325,020,602
2012-2014 2014 Chapter 1, 2014 Acts of Assembly $0 $385,747,708 $385,747,708
2014-2016 2015 Chapter 3, 2014 Acts of Assembly $0 $436,598,894 $436,598,894
2014-2016 2015 Base Budget $0 $385,747,708 $385,747,708
2014-2016 2015 Governor's Amendments $0 $48,947,115 $48,947,115
2014-2016 2015 General Assembly Adjustments $0 $1,904,071 $1,904,071
2014-2016 2016 Chapter 3, 2014 Acts of Assembly $0 $540,337,282 $540,337,282
2014-2016 2016 Base Budget $0 $385,747,708 $385,747,708
2014-2016 2016 Governor's Amendments $0 $152,730,503 $152,730,503
2014-2016 2016 General Assembly Adjustments $0 $1,859,071 $1,859,071
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
2008-2010 2009 Chapter 872, 2010 Acts of Assembly 0.00 60.00 60.00
2008-2010 2010 Chapter 872, 2010 Acts of Assembly 0.00 60.00 60.00
2010-2012 2011 Chapter 2, 2012 Acts of Assembly 0.00 80.00 80.00
2010-2012 2012 Chapter 2, 2012 Acts of Assembly 0.00 80.00 80.00
2012-2014 2013 Chapter 1, 2014 Acts of Assembly 0.00 88.00 88.00
2012-2014 2014 Chapter 1, 2014 Acts of Assembly 0.00 88.00 88.00
2014-2016 2015 Chapter 3, 2014 Acts of Assembly 0.00 105.00 105.00
2014-2016 2015 Base Budget 0.00 88.00 88.00
2014-2016 2015 Governor's Amendments 0.00 7.00 7.00
2014-2016 2015 General Assembly Adjustments 0.00 10.00 10.00
2014-2016 2016 Chapter 3, 2014 Acts of Assembly 0.00 105.00 105.00
2014-2016 2016 Base Budget 0.00 88.00 88.00
2014-2016 2016 Governor's Amendments 0.00 7.00 7.00
2014-2016 2016 General Assembly Adjustments 0.00 10.00 10.00
Operating Budget Addenda (in order of greatest impact)
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Increase nongeneral fund appropriation for payment of plan members’ tuition and educational expenses Decision Package
  Increases the sum sufficient nongeneral fund appropriation each year for the Virginia529 prePAID and inVEST programs. This amendment will accommodate increasing payouts from the growth of the programs and the population of beneficiaries at college age. This amendment will bring the total appropriation for educational payments to $414.0 million in the first year and $518.0 million in the second year.
 
  FY FY
Nongeneral Fund $49,000,000 $153,000,000
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Adjust nongeneral fund appropriation for operating expenses and scholarship programs Decision Package
  Adjusts nongeneral fund appropriation to align with the agency's operating budget for nonpersonal service expenditures. The agency's budget includes additional funding for marketing and communications expenditures and a decrease in scholarship funding.
 
  FY FY
Nongeneral Fund ($814,236) ($1,031,036)
•
Address increase in workload Decision Package
  Provides additional nongeneral fund appropriation for seven full-time positions. The additional staff will support increased workloads and additional services provided to outside clients.
 
  FY FY
Nongeneral Fund $712,269 $712,269
Positions 7.00 7.00
•
Provide additional nongeneral fund appropriation for the compression salary adjustment Decision Package
  Increases the agency's nongeneral fund appropriation to support the salary compression adjustments authorized in Chapter 806, 2013 Acts of Assembly. Nongeneral fund appropriation for the Virginia College Savings Plan was not previously adjusted for this purpose.
 
  FY FY
Nongeneral Fund $50,000 $50,000
•
Fund changes in state employee workers' compensation premiums Decision Package
  Adjusts the agency's budget for workers' compensation premiums based on the allocation of 2015 and 2016 program costs provided by the Department of Human Resource Management. The allocation is based on the historical experience of the agency and reflects the current policy of providing agencies with 50 percent of any increased costs and allowing agencies to retain 50 percent of any reduced costs.
 
  FY FY
Nongeneral Fund ($918) ($730)
•
Transfer personal services appropriation to correct programs and benefits Decision Package
  Reallocates nongeneral fund appropriation among the agency's programs and benefit items. This amendment nets to zero and will provide adequate funding for personal service expenses within each program area to reflect anticipated expenditures.
•
Provide additional positions and funds for compensation plan General Assembly Adjustment
  This amendment provides approximately $1.6 million nongeneral fund appropriation and 10.0 positions in each year of the biennium to provide additional positions due to growth and to fund the existing comprehensive compensation plan at the Virginia College Savings Plan (VCSP). Seven positions were authorized in the introduced budget. This amendment as well as amendment 479#1s provide the difference between the agency's Board-approved budget and the funding provided in the Introduced Bill.
 
  FY FY
Nongeneral Fund $1,604,071 $1,559,071
Positions 10.00 10.00
•
Fund financial literacy program General Assembly Adjustment
  This amendment provides $300,000 nongeneral fund appropriation each year of the biennium for financial literacy programs provided to K-12 students in an effort to improve access to higher education by the Virginia College Savings Plan. The Plan's Board approved this initiative; however funding was not included in the Introduced Budget.
 
  FY FY
Nongeneral Fund $300,000 $300,000


p3_bullets - Official Enacted Budget - 06-06-2025 13:48:05