This bill limits the amounts of funds appropriated from the education trust fund to the education freedom account program to budgeted sums. It amends RSA 194-F:11 to specify that the amounts appropriated for grants or transfers of funds authorized under this chapter are limited to $19,800,000 for fiscal year 2024 and subsequent fiscal years. The bill also states that the amounts appropriated for the education freedom account program shall not exceed the amounts appropriated for such purpose in the biennial state operating budget.

The fiscal impact of this bill is estimated to be an increase in expenditures from the education trust fund. Under current law, any amount needed beyond the budgeted sums is continually appropriated to the Department of Education. This bill eliminates the open appropriation but still provides an additional $19,800,000 in each fiscal year for the education freedom account program. The Department of Education estimates that the cost for the program in fiscal year 2024 is approximately $22,129,200.

Statutes affected:
Introduced: 194-F:11