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.
As Amended by Senate "A" (LCO 7328)
Senate Calendar No.: 182
Primary Analyst: DD 5/10/23
Contributing Analyst(s):
OFA Fiscal Note
State Impact: None
Municipal Impact:
Municipalities Effect FY 24 $ FY 25 $
Local and Regional School
Districts
STATE
MANDATE
1
- Cost
Potential Potential
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.
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-R01-FN.DOCX Page 2 of 2
It is anticipated that the State Department of Education would
develop materials to help districts develop a financial literacy course. It
is expected that SDE can do so within existing resources.
The bill additionally results in a potential minimal savings to local
and regional school districts by removing a one-credit mastery-based
diploma assessment as a graduation requirement, beginning in FY 24.
The bill allows districts to maintain the assessment as a graduation
requirement if they choose. To the extent districts choose to discontinue
the assessment, there is a potential savings associated with reduced
purchasing of materials.
Senate "A" strikes the underlying bill and results in the above
identified fiscal impact.
The Out Years
The ongoing above identified fiscal impact will continue into the
future subject to inflation.
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.