Subject: Consumer Protection: Education, Elementary and Secondary; Elementary and Secondary; Teachers

Bill Summary: Grants teacher certification to persons meeting certain requirements who will teach in the subject matter of banking or personal finance.

ESTIMATED NET EFFECT ON GENERAL REVENUE FUND
FUND AFFECTED	FY 2009	FY 2010	FY 2011
General Revenue	$0	$0	$0

Total Estimated Net Effect on General Revenue Fund	$0	$0	$0

ESTIMATED NET EFFECT ON OTHER STATE FUNDS
FUND AFFECTED	FY 2009	FY 2010	FY 2011


Total Estimated Net Effect on Other State Funds	$0	$0	$0

ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED	FY 2009	FY 2010	FY 2011


Total Estimated Net Effect on All Federal Funds	$0	$0	$0

ESTIMATED NET EFFECT ON FULL TIME EQUIVALENT (FTE)
FUND AFFECTED	FY 2009	FY 2010	FY 2011


Total Estimated Net Effect on FTE

☐ Estimated Total Net Effect on All funds expected to exceed $100,000 savings or (cost).

☐ Estimated Net Effect on General Revenue Fund expected to exceed $100,000 (cost).

ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED	FY 2009	FY 2010	FY 2011
Local Government	$0	$0	$0

Officials from the Department of Higher Education stated this proposal would have no direct fiscal impact on their agency.

Officials from the Office of Secretary of State (SOS) assume many bills considered by the General Assembly include provisions allowing or requiring agencies to submit rules and regulations to implement the act. The SOS is provided with core funding to handle a certain amount of normal activity resulting from each year’s legislative session. The fiscal impact to the SOS office for Administrative Rules for this proposal is less than $2,500. The SOS recognizes this is a small amount and does not expect additional funding would be required to meet these costs. However, SOS also recognizes that many such bills may be passed in a given year and that collectively the costs may be in excess of what the SOS can sustain with their core budget. Any additional required funding would be handled through the budget process.

Officials from the Department of Elementary and Secondary Education state this proposal would require 1.0 FTE supervisor to implement the requirements of this proposal including fielding telephone inquiries, processing applications, developing new forms, maintaining web site information, and creating a new system of professional development reporting.

Oversight assumes a limited number of individuals would pursue this limited certification. Although a one semester class in personal finance is now required for high school graduation, Oversight assumes most of the classes would be taught by existing certificated staff. Oversight further assumes DESE would be able to implement the requirements of this proposed legislation with existing resources. If a significant fiscal impact were to result from this proposal, funds to support the program would be sought through the appropriations process.

This legislation was sent to several school districts, none of which responded to a request for fiscal note.

No direct fiscal impact to small businesses would be expected as a result of this proposal.

This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.