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 Appropriations
Drafting number: LLS 25-0384
Fiscal Analyst:
John Armstrong, 303-866-6289
john.armstrong@coleg.gov
Version: First Revised Note
Date: April 22, 2025
Fiscal note status: The revised fiscal note reflects the introduced bill, as amended by the House
Education Committee.
Summary Information
Overview. The bill adds a course in financial literacy to high school graduation requirements, and adds
completion of financial aid applications to student career and academic plans.
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 an appropriation of $9,611 to the Department of Higher
Education.
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 $11,747 $11,747
Transferred Funds $0 $0
Change in TABOR Refunds $0 $0
Change in State FTE 0.1 FTE 0.1 FTE
1
Fund sources for these impacts are shown in the table below. Page 2
April 22, 2025 HB 25-1192
Table 1A
State Expenditures
Fund Source
Budget Year
FY 2025-26
Out Year
FY 2026-27
General Fund $9,611 $9,611
Cash Funds $0 $0
Federal Funds $0 $0
Centrally Appropriated $2,136 $2,136
Total Expenditures $11,747 $11,747
Total FTE 0.1 FTE 0.1 FTE
Summary of Legislation
Financial Literacy Course
Beginning with students who enter ninth grade on or after September 1, 2026, the bill adds
completion of a financial literacy course to public high 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 in the 2027-28 school year, the bill requires each student’s individual career and
academic plan (ICAP) to include submission of the Free Application for Federal Student Aid
(FAFSA) or Colorado Application for State Financial Aid (CAFSA). This requirement is waived if
the student affirmatively declines or if school personnel determine it is not feasible for the
student to complete the application.
The bill allows any appropriations that the CDHE receives for the implementation of the bill to
be used to maintain financial aid training resource bank, provide financial aid training, maintain
the tool tracking satisfactory completion of a FAFSA or CASFA, and conduct student outreach.
State Expenditures
The bill increases state expenditures by about $12,000 beginning in FY 2025-26 and ongoing.
These costs will be incurred by 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 the
Department of Education and institutions of higher education. Page 3
April 22, 2025 HB 25-1192
Department of Higher Education
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.
Table 2
State Expenditures
Department of Higher Education
Cost Component
Budget Year
FY 2025-26
Out Year
FY 2026-27
Personal Services $9,611 $9,611
Centrally Appropriated Costs $2,136 $2,136
Total Costs $11,747 $11,747
Total FTE 0.1 FTE 0.1 FTE
Department of Education
CDE will have an increase in workload to perform rulemaking. No change in appropriations is
required.
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 table
above.
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 complete the required data
reporting while ensuring student privacy. Page 4
April 22, 2025 HB 25-1192
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 a General Fund appropriation of $9,611 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.