Revision: March 8, 2012, midnight
HB 1703-FN – AS INTRODUCED
2012 SESSION
04/01
HOUSE BILL 1703-FN
AN ACT requiring a course in business or financial literacy as a prerequisite to high school graduation.
SPONSORS: Rep. Doherty, Hills 27; Rep. McGuinness, Hills 20
This bill requires the completion of one credit in business or financial literacy as a prerequisite to high school graduation.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
12-2508
04/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twelve
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
12-2508
10/27/11
HB 1703-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 increase local expenditures by $4,452,820 in FY2015 and in each year thereafter. There will be no fiscal impact on state, county and local revenue, or on state and county expenditures.
METHODOLOGY:
The Department assumes this legislation would apply to New Hampshire’s 82 public high schools and would not apply to private high schools. The Department estimated the annual cost based on the following assumptions:
• 15,000 students will be required to take the full year course.
• No existing requirements, such as the ½ credit in economics, would be eliminated.
• Each high school would need to add the equivalent of ½ of a full-time teacher at an average cost of $36,010 for salary and benefits.
• The cost of textbooks and supplies would be approximately $100 per student.
• State funds will not be available to offset the local cost.
Based on these assumptions, the cost to implement the provisions of this bill would be as follows:
Additional textbooks and supplies (15,000 x $100): $1,500,000
Additional part-time teachers (82 x $36,010): $2,952,820
Total annual cost: $4,452,820