The 2012 Executive Budget Document
Virginia College Savings Plan
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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 | |
|---|---|---|---|
| 2009 Appropriation | $ 0 | $ 137,484,273 | $ 5,291,011 |
| 2010 Appropriation | $ 0 | $ 163,452,894 | $ 5,966,011 |
| 2011 Appropriation | $ 0 | $ 249,258,158 | $ 8,075,978 |
| 2012 Appropriation | $ 0 | $ 272,256,809 | $ 7,880,802 |
| 2013 Base Budget | $ 0 | $ 272,256,809 | $ 7,880,802 |
| 2013 Addenda | $ 0 | $ 51,682,477 | $ 68,247 |
| 2013 Total | $ 0 | $ 323,939,286 | $ 7,949,049 |
| 2014 Base Budget | $ 0 | $ 272,256,809 | $ 7,880,802 |
| 2014 Addenda | $ 0 | $ 111,728,063 | $ 68,247 |
| 2014 Total | $ 0 | $ 383,984,872 | $ 7,949,049 |
| General Fund | Nongeneral Fund | Total Positions | |
|---|---|---|---|
| 2009 Appropriation | 0.00 | 60.00 | 60.00 |
| 2010 Appropriation | 0.00 | 60.00 | 60.00 |
| 2011 Appropriation | 0.00 | 80.00 | 80.00 |
| 2012 Appropriation | 0.00 | 80.00 | 80.00 |
| 2013 Base Budget | 0.00 | 80.00 | 80.00 |
| 2013 Addenda | 0.00 | 0.00 | 0.00 |
| 2013 Total | 0.00 | 80.00 | 80.00 |
| 2014 Base Budget | 0.00 | 80.00 | 80.00 |
| 2014 Addenda | 0.00 | 0.00 | 0.00 |
| 2014 Total | 0.00 | 80.00 | 80.00 |
Recommended Operating Budget Addenda
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Distribute Central Appropriation amounts to agency budgetsAdjusts the agency budget to reflect amounts moved to or from Central Appropriations to cover the costs of items such as changes in retirement and other benefit contribution rates, as well as the distribution of other centrally funded items.
FY 2013 FY 2014 Nongeneral Fund $ 68,997 $ 68,997
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Increase nongeneral fund appropriation for payments for tuition and educational expense benefitsIncreases 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 resulting from the growth in popularity of the programs, recent tuition increases at institutions of higher education, and a positive investment performance.
FY 2013 FY 2014 Nongeneral Fund $ 50,600,000 $ 110,600,000
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Increase nongeneral fund appropriation for improvements and expenses related to the College Savings SystemProvides nongeneral fund appropriation for increased information technology costs related to the College Savings System. This system provides software programming and support on specialized 529 plan database systems to the agency and four other 529 plans nationwide.
FY 2013 FY 2014 Nongeneral Fund $ 55,241 $ 49,241
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Provide nongeneral fund appropriation for increased nonpersonal operating expensesAdjusts the agency's nongeneral fund appropriations to account for growth in nonpersonal operating expenses, specifically related to data and security.
FY 2013 FY 2014 Nongeneral Fund $ 958,239 $ 1,009,825
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Transfer nongeneral fund appropriation to the proper service areasReflects a zero-sum transfer of nongeneral fund appropriation to more accurately portray the agency's activities.