|Date Requested:March 09, 2005
Time Requested:04:14 PM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| There will be no revenues received by the State created by this Bill.
The current cost to the State is approximately $2,500.00 per fiscal year. With the increase in amount (quadrupling), increasing in age of applicant, addition of those currently receiving tuition waivers only, and those attending out of state schools, the projected cost will rise to $100,000.00
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||100,000||100,000|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
There will be no increase in personal services, current expenses, repairs and alterations, assets or revenues.
The 'other costs' increase is due to the fact that currently we have 21 applicants receiving the tuition waiver only and no post-secondary applicants receiving direct funding.
As the amount allowed is quadruple, age limitation increased, tuition waiver only students added, out of state schools added and the addition of new veterans to the list of eligibility, funding will need to increase.
The 21 applicants receiving tuition waivers only at this time will increase needed funds by $42,000.00. With the age increase, students who are at this time not eligible will be eligible again in January 2006 for possibly another year or two.
We are unable to determine the exact number of students attending out of state institutions who will be eligible, nor the number increased by the addition of new veterans to the program. However, we have estimated that the number could be as high as 30 new applicants increasing by $60,000.000 the funding needed.