OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sHB-6901
AN ACT CONCERNING A STUDENT LOAN REIMBURSEMENT
PROGRAM FOR CERTAIN PROFESSIONALS.
AMENDMENT
LCO No.: 8915
File Copy No.: 744
House Calendar No.: 502
Primary Analyst: SB 5/30/23
Contributing Analyst(s): ()
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 24 $ FY 25 $
Higher Ed., Off. GF - Cost Significant Significant
Higher Ed., Off. GF - Cost Up to 140,000 92,250
State Comptroller - Fringe Benefits
1
GF - Cost 38,538 39,501
Department of Revenue Services GF - Cost None Up to 75,000
Note: GF=General Fund
Municipal Impact: None
Explanation
The amendment strikes the underlying bill and its associated fiscal
impact and replaces it with the fiscal impact described below.
The amendment results in a cost to the Office of Higher Education,
the State Comptroller (Fringe Benefits) and the Department of Revenue
Services, associated with establishing a student loan reimbursement
program for certain individuals employed in Connecticut.
Section 1 results in a significant annual cost to the Office of Higher
Education (OHE) beginning in FY 24 associated with a student loan
1
The fringe benefit costs for most state employees are budgeted centrally in accounts
administered by the Comptroller. The estimated active employee fringe benefit cost
associated with most personnel changes is 42.82% of payroll in FY 24. 2023HB-06901-R00LCO08915-FNA.DOCX Page 2 of 2
reimbursement program for certain individuals employed in
Connecticut. OHE does not currently have the funds available to
operate this program. The scope of the costs is dependent upon the
number and amount of reimbursements awarded ann ually. Each
participant in the grant program is eligible to receive up to $5,000
annually and no more than $20,000, over four years of participation in
the program.
OHE would require one full-time program administrator in FY 24
and beyond, resulting in annual salary expenses of approximately
$90,000 in FY 24 and $92,250 in FY 25 and corresponding fringe benefit
costs of approximately $38,538 in FY 24 and $39,501 in FY 25.
Additionally, OHE would require up to $50,000 in FY 24, associated
with software and information technology upgrades.
Section 2 results in a one-time cost of up to $75,000 in FY 25 for
programming updates to the CTax tax administration system and
myconneCT online portal, and for form development associated with
the student loan reimbursement program established in Section 1 of the
amendment.
The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely
for the purposes of information, summarization and explanation and does not represent the intent of the General
Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of
informational sources, including the analyst’s professional knowledge. Whenever applicable, agency data is
consulted as part of the analysis, however final products do not necessarily reflect an assessment from any
specific department.