HB 1383-FN – AS INTRODUCED
2010 SESSION
08/04
HOUSE BILL 1383-FN
AN ACT requiring a course in business or financial literacy as a prerequisite to high school graduation.
SPONSORS: Rep. Doherty, Hills 27; Rep. Levesque, Hills 5
This bill requires the completion of one credit in business or financial literacy as a prerequisite to high school graduation.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
10-2486
08/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Ten
AN ACT requiring a course in business or financial literacy as a prerequisite to high school graduation.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; School Boards; Business or Financial Literacy Class Required. Amend RSA 189 by inserting after section 11-b the following new section:
189:11-c Business or Financial Literacy Class Required. Beginning in the school year 2014-2015, students enrolled in high school in New Hampshire shall be required to complete at least one credit in business or financial literacy in order to receive a high school diploma. Such course shall include the concepts of budgeting, checking and savings accounts, understanding how credit operates, basic investment principles, elements of home purchase, how insurance operates, an introduction to federal and state taxation, and consumer rights and protection.
2 Effective Date. This act shall take effect 60 days after its passage.
LBAO
10-2486
11/10/09
HB 1383-FN - FISCAL NOTE
AN ACT requiring a course in business or financial literacy as a prerequisite to high school graduation.
FISCAL IMPACT:
The Department of Education states this bill will have no fiscal on state, county, and local revenues and expenditures from FY 2010 through FY 2014. The Department of Education states this bill may increase state expenditures by $75,080 and local expenditures by $2,761,160 in FY 2015 and each fiscal year thereafter. There will be no fiscal impact on state, county, and local revenue or county expenditures in FY 2015 and each fiscal year thereafter.
METHODOLOGY:
The Department of Education states this bill requires students enrolled in a high school in New Hampshire to complete at least one course in business or financial literacy in order to receive a high school diploma beginning in the 2014-2015 school year (FY 2015). The Department states that because the requirement is not effective until FY 2015 there will be no fiscal impact from FY 2010 through FY 2014.
The Department states effective FY 2015, 80 public high schools may be required to hire, on average, a 0.5 full-time equivalent (FTE) teacher to teach the course this bill requires. The calculations below indicate the estimated potential cost to both local school districts and the state to employ an additional 0.5 FTE teacher at 80 high schools. The estimated state cost reflects the 35% state share of the employer contribution to the NH Retirement System for teachers. Currently, the total employer percentage is 10.70% of salary for teachers, which is assumed to be split 65%/35% between the local employer and state in FY 2015.
Local Teacher Expenditures (FY 2015)
Salary $50,128
Medicare (1.45%) $727
Retirement (6.955%) $3,486
Life/Dental/Health Insurance (29.3%) $14,688
TOTAL $69,029
LBAO
10-2486
11/10/09
$69,029 per teacher x 0.5 FTE x 80 High Schools = $2,761,160
State Expenditures (FY 2015)
Estimated State share of local employer retirement contribution for a teacher:
3.745% x $50,128 = $1,877
$1,877 per teacher x 0.5 FTE x 80 High Schools = $75,080
This bill does not contain an appropriation.