It is the mission of the Virginia College Savings Plan (VCSP) to enhance the accessibility and affordability of higher education for all citizens of the Commonwealth by providing a menu of investment options under Section 529 of the Internal Revenue Code to allow college savings in a tax-advantaged investment environment.
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. more...
More historical data is available for this agency on DPB's website under the
Virginia's Budget page. If you click on the Budget Round Description links under any of the "DPB Appropriation Database" tables and open the filter you can select various fields to get greater detail and you can select the official chapter data going back for several decades. The "Caboose" chapters are the final biennial budget approved by the General Assembly and signed into Law.
Check it out here
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
Governor's Proposed Budget
$0
$434,694,823
$434,694,823
Base Budget
$0
$385,747,708
$385,747,708
Addenda (Changes to the Base)
$0
$48,947,115
$48,947,115
2014-2016
2016
Governor's Proposed Budget
$0
$538,478,211
$538,478,211
Base Budget
$0
$385,747,708
$385,747,708
Addenda (Changes to the Base)
$0
$152,730,503
$152,730,503
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
Proposed Positions
0.00
95.00
95.00
Base Budget
0.00
88.00
88.00
Addenda (Changes to the Base)
0.00
17.00
17.00
2012-2014
2016
Proposed Positions
0.00
95.00
95.00
Base Budget
0.00
88.00
88.00
Addenda (Changes to the Base)
0.00
7.00
7.00
Operating Budget Addenda (in order of greatest impact)
•
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 2015
FY 2016
Nongeneral Fund
$49,000,000
$153,000,000
•
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 2015
FY 2016
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 2015
FY 2016
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 2015
FY 2016
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 2015
FY 2016
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.
