The 2010 Executive Budget Document
Virginia College Savings Plan [ http://www.virginia529.com/ ]Mission Statement
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
|General Fund||Nongeneral Fund||Personnel Cost|
|2007 Appropriation||$ 0||$ 90,081,427||$ 3,938,370|
|2008 Appropriation||$ 0||$ 106,160,664||$ 4,621,519|
|2009 Appropriation||$ 0||$ 137,484,273||$ 5,291,011|
|2010 Appropriation||$ 0||$ 163,452,894||$ 5,895,721|
|2011 Base Budget||$ 0||$ 163,452,894||$ 5,895,721|
|2011 Addenda||$ 0||$ 84,146,081||$ 1,144,080|
|2011 Total||$ 0||$ 247,598,975||$ 7,039,801|
|2012 Base Budget||$ 0||$ 163,452,894||$ 5,895,721|
|2012 Addenda||$ 0||$ 107,801,558||$ 1,144,080|
|2012 Total||$ 0||$ 271,254,452||$ 7,039,801|
|General Fund||Nongeneral Fund||Total Positions|
|2011 Base Budget||0.00||60.00||60.00|
|2012 Base Budget||0.00||60.00||60.00|
Recommended Operating Budget Addenda
Increase nongeneral fund appropriation for program costs associated with growth in the Virginia Prepaid Education Program and the Virginia Education Savings Trust programIncreases the sum sufficient appropriation for the Virginia Prepaid Education Program (VPEP) and the Virginia Education Savings Trust (VEST) program. These appropriation increases accommodate an increase in payouts in recent years that resulted from the growth in popularity of the programs, recent tuition increases at institutions of higher education, and a positive investment performance.
FY 2011 FY 2012 Nongeneral Fund $81,000,000 $104,400,000
Adjust nongeneral fund appropriations for reorganization of administrative units caused by growth in costs in the Virginia Prepaid Education Program and the Virginia Education Savings Trust programAdjusts the sum sufficient appropriation for the administration of the Virginia Prepaid Education Program (VPEP) and the Virginia Education Savings Trust (VEST) program. These appropriation increases accommodate increased operating and management costs and agency internal reorganizations that have resulted from growth in the popularity of the programs.
FY 2011 FY 2012 Nongeneral Fund $2,001 $257,478
Increase nongeneral fund appropriation and position level to accommodate agency growthIncreases the agency's nongeneral fund appropriation and position level to accommodate agency growth resulting from increased demand for the agency's services.
FY 2011 FY 2012 Nongeneral Fund $1,144,080 $1,144,080 Authorized Positions 12.00 12.00
Increase appropriation to support scholarships, awards, and low-to-moderate income initiativesIncreases the agency's nongeneral fund appropriation to support an initiative to provide scholarships, awards, and low-to-moderate income initiatives.
FY 2011 FY 2012 Nongeneral Fund $2,000,000 $2,000,000
Revise agency titles and other language in Appropriation Act to increase transparency and accuracyRevises the agency service area names to promote increased transparency and accuracy of agency appropriations.