SB408: relative to funding for the children's savings account program.

SB 408-FN-A - AS INTRODUCED

2016 SESSION

16-2851

05/01

SENATE BILL 408-FN-A

AN ACT relative to funding for the children's savings account program.

SPONSORS: Sen. Avard, Dist 12; Sen. D'Allesandro, Dist 20; Sen. Kelly, Dist 10; Sen. Watters, Dist 4; Rep. Ladd, Graf. 4; Rep. Gile, Merr. 27; Rep. Weyler, Rock. 13; Rep. LeBrun, Hills. 32

COMMITTEE: Finance

ANALYSIS

This bill makes an appropriation to the children's savings account program to establish pilot programs in Coos County and the city of Manchester.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

16-2851

05/01

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Sixteen

AN ACT relative to funding for the children's savings account program.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Children's Savings Account Program; Appropriation. For the purpose of establishing pilot programs in Coos county and the city of Manchester, the sum of $50,000, for the fiscal year ending June 30, 2017, is appropriated to the children's savings account fund established in RSA 195-J:5. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.

2 Effective Date. This act shall take effect July 1, 2016.

LBAO 16-2851

12/4/15

SB 408-FN-A- FISCAL NOTE

AN ACT relative to funding for the children's savings account program.

FISCAL IMPACT:

The Department of Education and Treasury Department state this bill, as introduced, will increase state general fund expenditures by $50,000 in FY 2017. There will be no fiscal impact to state, county, and local revenue or county and local expenditures.

This bill appropriates $50,000 in state general funds, for the fiscal year ending June 30, 2017, to the children's savings account fund established in RSA 195-J:5 for the purposes of this act.

METHODOLOGY:

The Department of Education and Treasury Department state this bill appropriates $50,000 to the children's savings account fund for the purpose of establishing pilot programs in Coos County and the city of Manchester. The Department of Education states the New Hampshire Charitable Foundation has indicated orally that it would provide an unspecified match to any state funds put forward. However, no formal documentation of such an agreement exists at this time. The Department estimates the cost of the pilot programs to be $65,000 (1,300 kindergarten students * $50 per student account = $65,000). The Department assumes such costs would be covered by the $50,000 appropriation included in this bill and the unspecified match provided by the New Hampshire Charitable Foundation.