The 2014 Executive Budget Document
Governor McDonnell's Proposed Budget for the 2014-2016 Biennum
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Released on December 16, 2013 
 
Virginia College Savings Plan [174]
Secretarial Area: Independent Agencies
Mission:
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.
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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 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.


pdocagy2014 - Executive Budget Document Agency Details - 06-06-2025 11:03:29