Hathaway scholarship program.

06LSO-0042.C1

                                                         

FISCAL NOTE

 

FY 2007

FY 2008

FY 2009

NON-ADMINISTRATIVE IMPACT

 

 

 

Anticipated Revenue Increase (Decrease):

 

 

 

HATHAWAY SCHOLAR. ENDOW.

(7,595,000)

(13,680,600)

(18,880,000)

HATHAWAY SCHOLAR. EXPEND.

7,595,000

13,680,600

18,880,000

 

Source of revenue increase (decrease): Investment earnings from the Hathaway Scholarship Endowment Account transferred to the proposed Hathaway Scholarship Expenditure Account.

 

Assumptions:

All investment income from the Hathaway Scholarship Endowment Account will be transferred to the Hathaway Scholarship Expenditure Account. Investment earnings of $1,056,000 would be transferred in FY 2006. The yield for the state agency pool where these funds are currently invested have projected yields of 4.40% for FY06, 4.34% for FY07, 4.53% for FY08 and 4.72% for FY09, based on January 2006 CREG projections.

 

The above estimates assume distributions of federal mineral royalties (FMRs) to the Hathaway Scholarship Endowment Account of approximately $24 million in FY05, $151 million in FY06, $127 million in FY07 and $98 million in FY08.

The above estimates assume FMRs flowing to the Hathaway Scholarship Endowment would not be reduced to ensure a $100 million balance in the School Foundation Program on July 1 each fiscal year.

 

This bill establishes the Hathaway Scholarship Program, providing for scholarships for attendance at Wyoming community colleges and the University of Wyoming, beginning with the 2006 fall semester. Funding and positions to implement this program are included in SF0086 (Higher education appropriations).

 

The unexpended and unencumbered amounts in the expenditure account at the end of each fiscal year to be deposited to the Hathaway Student Scholarship Reserve Account are unknown.

 

Prepared by:   Dean Temte, LSO  Phone:   777-7881

(Info. provided by Sharon Garland, Treasurer's Office; 777-7475)

 

NOTICE-AGENCY ESTIMATE OF ADMINISTRATIVE IMPACT REQUESTED

 

This bill has administrative impact that appears to increase (or decrease) duties or responsibilities of one or more state agencies and may impact agency spending or staffing requirements. As introduced, the bill does not modify any state agency budget or current personnel authorizations.

The following state agencies will be asked to provide their estimate of the administrative fiscal impact prior to the first committee meeting held to consider the bill:

University of Wyoming/Community College Commission

Treasurer's Office