universities; financial aid
trust fund
DPA |
Committee on Education |
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DP |
Committee on Appropriation |
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X |
Caucus and COW |
The
Education Committee amendment contains an
appropriation clause |
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As Passed the House |
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HB 2581 provides that the Legislature shall match the surcharge collected on student registration for the financial aid trust fund at a ratio of two to one.
Current law provides that the Arizona Board of Regents may establish a financial aid trust fund (AFAT) for the purposes of providing immediate aid to students with verifiable financial need. Fifty per cent of the monies received each year in the fund are set aside to create an endowment for future financial aid. AFAT receives funds from a surcharge on student tuition that is matched on a 1:1 basis by appropriations from the state general fund. The Executive and JLBC Staff recommend appropriating $2,455,200 for the state’s general fund match to AFAT in both FY 2001-2002 and FY 2002-2003.
HB 2581 recommends that the match ratio for the state increase to a 2:1 match. This would double the state funding from the current annual level of $2,455,200 to $4,910,400. As introduced, HB 2581 does not contain an appropriation.
· Added a FY 2001-2002 appropriation of $2,355,200 from the state general fund and a FY 2002-2003 appropriation of $2,455,200 from the state general fund. These appropriations are necessary to fund the 2:1 match required in HB 2581 and are in addition to the appropriations recommended in the JLBC staff’s budget recommendation.
HB2581 passed the Appropriations Committee
unamended.