SOUTH DAKOTA LEGISLATIVE RESEARCH COUNCIL

FISCAL NOTE, 2007 LEGISLATIVE SESSION


FISCAL NOTE 2007-HB1142a

HB 1142 increase the amounts of the annual awards given to recipients of the South Dakota opportunity scholarship.

House Bill 1142 increases the amount of the annual South Dakota Opportunity Scholarship award by $250 per student. Current law awards students $1,000 for each of the first three years of the program and increases the amount to $2,000 in the final year of the scholarship program.

The following table details the increase in the amount needed if the bill were to pass. It is assumed that each student currently receiving the scholarship would continue to do so.


 
 
Current Program FY2008 Need   HB1142 FY2008 Need  
Additional  
 
No. of
Students  
Per Student
Amount  
Total
Amount   		Per Student
Amount   		Total
Amount   		Amount Needed  
2004 Grads  
551  
$ 2,000   $ 1,102,000   $ 2,250   $ 1,239,750   $ 137,750  
2005 Grads  
558  
1,000   558,000   1,250   697,500   139,500  
2006 Grads  
719  
1,000   719,000   1,250   898,750   179,750  
2007 Grads  
1084  
1,000   1,084,000   1,250   1,355,000   271,000  
Total  
2912  
$ 5,000   $ 3,463,000   $ 6,000   $ 4,191,000   $ 728,000  


After consultation with the Bureau of Finance and Management and the Board of Regents, pursuant to Joint Rule 6C-1.1 of the South Dakota Legislature, it is estimated that House Bill 1142 would have the following impact on the state's finances in FY2008:


Agency/Item
 
General Fund
 
Federal Funds
  		Other Funds
 
Total
 
FTE
 
 
 
       
Revenue:  
$0  
$0   $0   $0    
 
 
       
Expenses:  
($728,000)  
$0   $0   $0   0.0  
 
 
       
Net Impact  
($728,000)  
$0   $0   ($728,000)   0.0  

APPROVED BY:_______________________________________ DATE:____________