OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
SB-1165
AN ACT CONCERNING FINANCIAL LITERACY INSTRUCTION.
Primary Analyst: DD 3/27/23
Contributing Analyst(s):
Reviewer: SB
OFA Fiscal Note
State Impact: None
Municipal Impact:
Municipalities Effect FY 24 $ FY 25 $
Local and Regional School
Districts
STATE
MANDATE
1
- Potential
Cost
See Below See Below
Explanation
The bill results in a potential cost to local and regional school districts
beginning in FY 24 by establishing a half-credit financial literacy
requirement for high school graduation.
Costs to districts will depend on whether they must hire additional
staff to teach the course, and if any, how many staff they must hire.
Average salary plus fringe costs for a full-time teacher is approximately
$100,000. If a district can offer this credit by training a current employee
instead of hiring a new employee, and can fit the new responsibility
within the current employee's schedule, costs could be substantially
less. If a large district has no qualified staff available to teach the course
to every student in a class, the cost to the district will be substantial.
It is anticipated that the State Department of Education would
1
State mandate is defined in Sec. 2-32b(2) of the Connecticut General Statutes, "state
mandate" means any state initiated constitutional, statutory or executive action that
requires a local government to establish, expand or modify its activities in such a way
as to necessitate additional expenditures from local revenues. 2023SB-01165-R000257-FN.DOCX Page 2 of 2
develop materials to help districts develop a financial literacy course. It
is expected that SDE can do so within existing resources.
The Out Years
The annualized ongoing fiscal impact identified above would
continue into the future subject to inflation.