State of Alaska
Fiscal Note
Bill Version: CSHB 229(EDC)
2022 Legislative Session
Fiscal Note Number: 3
(H) Publish Date: 4/5/2022
Identifier: HB229CS(EDU)-EED-ACPE-2-23-22 Department: Department of Education and Early Development
Title: ALASKA HIGHER EDUCATION INVESTMENT Appropriation: Alaska Commission on Postsecondary Education
FUND Allocation: Program Administration & Operations
Sponsor: JOSEPHSON OMB Component Number: 2738
Requester: House Finance
Expenditures/Revenues
Note: Amounts do not include inflation unless otherwise noted below. (Thousands of Dollars)
Included in
FY2023 Governor's
Appropriation FY2023 Out-Year Cost Estimates
Requested Request
OPERATING EXPENDITURES FY 2023 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028
Personal Services 60.0 60.0 60.0 60.0 60.0 60.0
Travel
Services 38.0 8.0 8.0 8.0 8.0 8.0
Commodities
Capital Outlay
Grants & Benefits
Miscellaneous
Total Operating 98.0 0.0 68.0 68.0 68.0 68.0 68.0
Fund Source (Operating Only)
1004 Gen Fund (UGF) 98.0 68.0 68.0 68.0 68.0 68.0
Total 98.0 0.0 68.0 68.0 68.0 68.0 68.0
Positions
Full-time
Part-time 1.0 1.0 1.0 1.0 1.0 1.0
Temporary
Change in Revenues
1004 Gen Fund (UGF) 98.0 68.0 68.0 68.0 68.0 68.0
Total 98.0 0.0 68.0 68.0 68.0 68.0 68.0
Estimated SUPPLEMENTAL (FY2022) cost: 0.0 (separate supplemental appropriation required)
Estimated CAPITAL (FY2023) cost: 0.0 (separate capital appropriation required)
Does the bill create or modify a new fund or account? No
(Supplemental/Capital/New Fund - discuss reasons and fund source(s) in analysis section)
ASSOCIATED REGULATIONS
Does the bill direct, or will the bill result in, regulation changes adopted by your agency? Yes
If yes, by what date are the regulations to be adopted, amended or repealed? 03/01/23
Why this fiscal note differs from previous version/comments:
Analysis modified to address changes in the analysis related to the adopted CS.
Prepared By: Sana Efird, Executive Director Phone: (907)465-6740
Division: Alaska Commission on Postsecondary Education Date: 02/23/2022 04:00 PM
Approved By: Lacey Sanders, Administrative Services Director Date:
OUT OF 02/24/22
Agency: Department of Education & Early Development REPORTED
Printed 4/4/2022 Page 1 of 2 HFC 04/04/2 022
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 CSHB 229(EDC) - Fiscal Note 3
FISCAL NOTE ANALYSIS
STATE OF ALASKA BILL NO. CSHB 229
2022 LEGISLATIVE SESSION
Analysis
This bill renames the Alaska Higher Education Investment Fund to the Alaska Higher Education Investment Trust Fund
(HEITF) and removes the fund (HEITF) from an account of the General Fund and establishes the fund as a separate fund of
the Alaska Student Loan Corporation (corporation). The bill adds funding agreements for participants in the Washington,
Wyoming, Alaska, Montana, Idaho (WWAMI) medical education program, along with funding for the Alaska Education
Grant and the Alaska Performance Scholarship as a purpose for the fund. Additionally, the Alaska Commission on
Postsecondary Education (commission) may use the money in the account without further appropriation. The
commissioner of revenue is a fiduciary of the fund and is directed to invest money in the fund to yield competitive market
rates. Department of Revenue would still determine the market value of the HEITF and calculate the seven percent
available for distribution of financial aid.
Fiscal impact for this bill would include possible additional accounting, administration, and compliance efforts associated
with accounting for and reporting of an additional fund and creation of a possible subsidiary of the corporation; additional
audit fees associated with additional audit functions; additional legal costs associated with correct application of the bill
language and establishment of a legal subsidiary legal entity.
Ongoing costs associated with this bill include*:
-Additional part-time Accountant III position $60.0
-Annual Department of Law legal fees $5.0
-Annual audit fees $3.0
TOTAL $68.0
One-time cost:
-Initial Department of Law legal fees $30.0
TOTAL $30.0
*Please note: Since there are no funds in the Higher Education Investment Funds (HEIF) due to the failure of a reverse
sweep, the fiscal impacts are reflected as unrestricted general funds. If funds were appropriated to the HEIF, the fiscal
impact would be charged to the HEIF.
(Revised 11/23/2021 OMB/LFD) Page 2 of 2
HB229CS(EDU)-EED-ACPE-2-23-22 Page 2 of 2 Control Code: cxzuG


Statutes affected:
HB0229A, AM HB 229, introduced 01/18/2022: 14.42.200, 37.10.071, U.S.C, 14.42.033, 14.43.091, 14.43.849, 14.43.750, 14.43.990, 14.42.030, 14.42.100, 14.42.990, 14.43.400, 14.43.420, 14.43.810, 10.20.146, 10.20.166, 14.42.300, 14.43.915, 37.14.750
HB0229B, AM CSHB 229(EDC), introduced 02/14/2022: 14.42.200, 37.10.071, U.S.C, 14.42.033, 14.43.091, 14.43.849, 14.43.750, 14.43.990, 14.42.030, 14.42.100, 14.42.990, 14.43.400, 14.43.420, 14.43.810, 10.20.146, 10.20.166, 14.42.300, 14.43.915, 37.14.750, 43.20.014, 14.16.200, 43.55.019, 43.55.011, 43.56.018, 43.65.018, 43.75.018, 43.77.045
HB0229A, AM HB 229, introduced 01/07/2022: 14.42.200, 37.10.071, U.S.C, 14.42.033, 14.43.091, 14.43.849, 14.43.750, 14.43.990, 14.42.030, 14.42.100, 14.42.990, 14.43.400, 14.43.420, 14.43.810, 10.20.146, 10.20.166, 14.42.300, 14.43.915, 37.14.750