HB 25-1192
Fiscal Note
Legislative Council Staff
Nonpartisan Services for Colorado’s Legislature
HB 25-1192: FINANCIAL LITERACY GRADUATION REQUIREMENT
Prime Sponsors:
Rep. Hartsook; Bacon
Sen. Bridges; Frizell
Published for: House Education
Drafting number: LLS 25-0384
Fiscal Analyst:
John Armstrong, 303-866-6289
john.armstrong@coleg.gov
Version: Initial Fiscal Note
Date: March 4, 2025
Fiscal note status: The fiscal note reflects the introduced bill. This fiscal note is preliminary and will be
updated following further review and any additional information received.
Summary Information
Overview. The bill adds a course in financial literacy and completion of financial aid applications to high
school graduation requirements.
Types of impacts. The bill is projected to affect the following areas on an ongoing basis:
State Expenditures School Districts
Appropriations. For FY 2025-26, the bill requires appropriations of $186,192 to multiple state agencies.
Table 1
State Fiscal Impacts
Type of Impact
1
Budget Year
FY 2025-26
Out Year
FY 2026-27
State Revenue $0 $0
State Expenditures $206,487 $226,709
Transferred Funds $0 $0
Change in TABOR Refunds $0 $0
Change in State FTE 0.9 FTE 1.1 FTE
1
Fund sources for these impacts are shown in the table below. Page 2
March 4, 2025 HB 25-1192
Table 1A
State Expenditures
Fund Source
Budget Year
FY 2025-26
Out Year
FY 2026-27
General Fund $186,192 $201,875
Cash Funds $0 $0
Federal Funds $0 $0
Centrally Appropriated $20,295 $24,834
Total Expenditures $206,487 $226,709
Total FTE 0.9 FTE 1.1 FTE
Summary of Legislation
Financial Literacy Course
Beginning with students who enter ninth grade on or after September 1, 2025, the bill adds
completion of a financial literacy course in eleventh or twelfth grade to public school graduation
requirements. School districts and charter schools may use existing curricula and resource banks,
provided these resources use best practices and are developed in consultation with experts in
personal finance.
Financial Aid Application
Beginning with students graduating in FY 2025-26, the bill requires public school students to
submit the Free Application for Federal Student Aid (FAFSA) or Colorado Application for State
Financial Aid (CAFSA) as a graduation requirement for high school, unless the student or their
parents submit a form indicating that they decline to submit an application. The Department of
Education (CDE) must create this opt-out form by December 1, 2025.
The bill allows any appropriations that the CDE receives for the implementation of the bill to be
used to maintain financial aid training resource bank, to provide stipends to school counselors
to provide financial aid training to students and their parents, and to collaborate with the
Department of Higher Education (CDHE) to create a website that tracks completed submissions
for the FAFSA and CASFA. The CDE and school districts must not publicly report any individual
student data for these purposes.
State Expenditures
The bill increases state expenditures by $156,000 in FY 2025-26 and $177,000 in FY 2026-27 and
ongoing. These costs will be incurred by CDE and CDHE, as shown in Table 2 and described in
the sections below. Costs are paid from the General Fund. The bill also minimally increases
workload for higher education institutions. Page 3
March 4, 2025 HB 25-1192
Table 2
State Expenditures
All Departments
Department
Budget Year
FY 2025-26
Out Year
FY 2026-27
Department of Education $164,240 $184,462
Department of Higher Education $42,247 $42,247
Total Costs $206,487 $226,709
Department of Education
Staff
The CDE requires 1.0 FTE Principal Consultant to implement the bill. This position will maintain
financial aid resources, develop the opt-out form, provide promotional materials and support to
school districts, assist with data analysis and the website development for FAFSA and CASFA
completion, and distribute stipends to school counselors who provide financial aid. Costs are
prorated to assume a September 2025 start date and standard capital outlay and operating
costs are included.
Any funding for stipends for school counselors is at the discretion of the General Assembly. The
fiscal note assumes $50,000, which would provide $500 stipends to 100 counselors. The fiscal
note will be updated if more information becomes available.
Table 2A
State Expenditures
Department of Education
Cost Component
Budget Year
FY 2025-26
Out Year
FY 2026-27
Personal Services $88,387 $110,484
Operating Expenses $1,024 $1,280
Capital Outlay Costs $6,670 $0
Counselor Stipends $50,000 $50,000
Centrally Appropriated Costs $18,159 $22,698
Total Costs $164,240 $184,462
Total FTE 0.8 FTE 1.0 FTE Page 4
March 4, 2025 HB 25-1192
Department of Higher Education
Staff
The CDHE requires 0.1 FTE for a Director of Data Systems to develop the portal with CDE to
track FAFSA and CASFA completion and update the existing financial aid application toolkit.
Costs are prorated to assume a September 2025 start date.
Meeting Costs
CDHE currently provides training for guidance counselors through this year. The fiscal note
assumes that CDHE will continue to conduct trainings with high school guidance counselors
across the state to advise on FAFSA and CASFA completion. The fiscal note assumes four
meetings which will require expenses for staff travel, training materials, and food, based on
current costs. This will result in a total of $30,500 of meeting costs on an annual basis.
Table 2B
State Expenditures
Department of Higher Education
Cost Component
Budget Year
FY 2025-26
Out Year
FY 2026-27
Personal Services $9,611 $9,611
Meeting Costs $30,500 $30,500
Centrally Appropriated Costs $2,136 $2,136
Total Costs $42,247 $42,247
Total FTE 0.1 FTE 0.1 FTE
Institutions of Higher Education
Financial aid offices at institutions of higher education will update their guidance to prospective
students to conform with the bill’s requirements. This additional workload will be minimal.
Centrally Appropriated Costs
Pursuant to a Joint Budget Committee policy, certain costs associated with this bill are
addressed through the annual budget process and centrally appropriated in the Long Bill or
supplemental appropriations bills, rather than in this bill. These costs, which include employee
insurance and supplemental employee retirement payments, are shown in the expenditure
tables above. Page 5
March 4, 2025 HB 25-1192
School Districts
Schools will update their curricula and graduation requirements to financial aid courses for
eleventh and twelfth graders, which will increase workload for teachers and staff members.
Additionally, guidance counselors may have additional workload to attend CDE and CDHE
trainings on financial aid applications and graduation requirements, and to complete the
required data reporting while ensuring student privacy.
Effective Date
The bill takes effect 90 days following adjournment of the General Assembly sine die, assuming
no referendum petition is filed.
State Appropriations
For FY 2025-26, the bill requires the following General Fund appropriations:
$146,081 to the Department of Education, and 0.8 FTE; and,
$40,111 to the Department of Higher Education, and 0.1 FTE.
State and Local Government Contacts
Education
Higher Education
School Districts
The revenue and expenditure impacts in this fiscal note represent changes from current law under the bill for each
fiscal year. For additional information about fiscal notes, please visit the General Assembly website.