The 2008 Executive Budget Document
Virginia College Savings Plan
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 History
| General Fund | Nongeneral Fund | Positions | |
|---|---|---|---|
| 2005 Appropriation | $ 0 | $ 3,899,222 | 50.00 |
| 2006 Appropriation | $ 0 | $ 3,899,222 | 50.00 |
| 2007 Appropriation | $ 0 | $ 90,081,427 | 60.00 |
| 2008 Appropriation | $ 0 | $ 106,160,664 | 60.00 |
| General Fund | Nongeneral Fund | Positions | |
|---|---|---|---|
| 2009 Base Budget | $ 0 | $ 106,160,664 | 60.00 |
| 2009 Addenda | $ 0 | $ 31,323,609 | 0.00 |
| 2009 Total | $ 0 | $ 137,484,273 | 60.00 |
| 2010 Base Budget | $ 0 | $ 106,160,664 | 60.00 |
| 2010 Addenda | $ 0 | $ 46,617,230 | 0.00 |
| 2010 Total | $ 0 | $ 152,777,894 | 60.00 |
Recommended Operating Budget Addenda
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Distribute Central Appropriations amounts to agency budgetsAdjusts the agency budget to reflect amounts moved from Central Appropriations to cover the cost of items such as the continuation of 2007 and 2008 salary and health insurance premium increases, as well as changes in retirement and disability contribution rates and other centrally funded items. For each year, $431,515 (NGF).
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Adjust sum sufficient appropriations for payments for distributions of higher education savings and trust plansAdjusts the agency's budget for the estimated mandatory payments to all institutions of higher education and other third parties to meet the terms of the investors' agreements. For 2009, $30.0 million (NGF). For 2010, $45.0 million (NGF).
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Adjust sum sufficient appropriation for salary regrades and other salary changesAdjusts the agency's budget to provide for salary regrades and other salary changes as recommended by a responsibility and compensation study. For each year, $237,977 (NGF).
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Adjust sum sufficient appropriation for increased growth of Virginia Prepaid Education Program expensesAdjusts the agency's budget to provide for increased growth of Virginia Prepaid Education Program expenses due to federally required disclosures. For 2009, $83,531 (NGF). For 2010, $169,569 (NGF).
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Adjust sum sufficient appropriation for increased growth of Virginia Education Savings Trust Program expensesAdjusts the agency's budget to provide for increased growth of Virginia Education Savings Trust Program expenses due to federally required disclosures. For 2009, $96,154 (NGF). For 2010, $195,193 (NGF).
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Adjust sum sufficient appropriation for increased costs of office space operating leaseAdjusts the agency's budget to provide for increased operating lease costs due to relocation. For 2009, $474,432 (NGF). For 2010, $582,976 (NGF).