COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.:2607H.01I Bill No.:HB 1180 Subject:Department of Elementary and Secondary Education; State Treasurer; Department
of Revenue
Type:Original Date:March 11, 2025Bill Summary:This proposal requires the Department of Elementary and Secondary
Education to develop a curriculum on personal finance to be used by school
districts.
FISCAL SUMMARY
ESTIMATED NET EFFECT ON GENERAL REVENUE FUNDFUND AFFECTEDFY 2026FY 2027FY 2028General Revenue($34,590)$0$0Total Estimated Net
Effect on General
Revenue($34,590)$0$0
ESTIMATED NET EFFECT ON OTHER STATE FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on Other State
Funds $0$0$0
Numbers within parentheses: () indicate costs or losses. L.R. No. 2607H.01I
Bill No. HB 1180
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March 11, 2025
GS:LR:OD
ESTIMATED NET EFFECT ON FEDERAL FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on All Federal
Funds $0$0$0
ESTIMATED NET EFFECT ON FULL TIME EQUIVALENT (FTE)FUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on FTE 000
☐ Estimated Net Effect (expenditures or reduced revenues) expected to exceed $250,000 in any
of the three fiscal years after implementation of the act or at full implementation of the act.
☐ Estimated Net Effect (savings or increased revenues) expected to exceed $250,000 in any of
the three fiscal years after implementation of the act or at full implementation of the act.
ESTIMATED NET EFFECT ON LOCAL FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Local Government$0$0$0 L.R. No. 2607H.01I
Bill No. HB 1180
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March 11, 2025
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FISCAL ANALYSIS
ASSUMPTION
Section 170.281 - Personal Finance Course
Officials from the Department of Elementary and Secondary Education (DESE) assume they
would be required to convene a workgroup to develop and recommend the performance
standards as outlined in the legislation. While standards were reviewed and approved by the
State Board previously DESE assumes these standards would need reviewed to ensure they meet
these guidelines. DESE would convene the workgroup consisting of educators providing
instruction in personal finance, a representative from the Missouri Association of Career and
Technical Education, and representatives from the department of elementary and secondary
education, banking industry, entrepreneurs, and nonprofit organizations that focus on educating
young professionals and entrepreneurs. DESE assumes this workgroup would consist of 15
members to hold four meetings with a total cost of $34,590. (Increase in meetings and costs
based on additional experience with similar work and the time required.)
In addition, DESE notes per their website: https://dese.mo.gov/college-career-
readiness/curriculum/missouri-learning-standards
authorized the organization of a workgroup to evaluate and possibly make recommendations to
modify or revise Personal Finance learning standards. These standards have not changed since
2006 when the State Board of Education revised graduation requirements for Missouri’s students
to include one-half credit of Personal Finance. The new standards were approved during the
September 2017 State Board meeting for implementation during the 2019-2020 school year.”
Oversight notes the state board of education shall adopt and implement academic performance
standards relating to personal finance for the 2026-27 school year and all subsequent school
years will show a one-time cost in FY 2026 to convene a work group to develop academic
performance standards relating to a personal finance curriculum.
Oversight assumes this proposal requires each student after the ninth grade to complete a one-
half unit of credit of personal finance before receiving a high school diploma. Oversight assumes
since this is a current requirement of Missouri Learning standards that was implemented in the
2019-2020 school year, there will be no additional costs to school districts.
Officials from East Buchanan Co. C-I School District assume this proposal would have no
fiscal impact on their organization.
Officials from Washington School District assume while this information could be updated in
the current personal finance curriculum, additional training cost of $5,000 and material cost of
$7,000 could be incurred the first year. L.R. No. 2607H.01I
Bill No. HB 1180
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March 11, 2025
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Oversight received a limited number of responses from school districts related to the fiscal
impact of this proposal. Oversight has presented this fiscal note on the best current information
available. Upon receipt of additional responses, Oversight will review to determine if an updated
fiscal note should be prepared and seek the necessary approval to publish a new fiscal note.
Oversight only reflects the responses received from state agencies and political subdivisions;
however, school districts were requested to respond to this proposed legislation but did not. A
listing of political subdivisions included in the Missouri Legislative Information System
(MOLIS) database is available upon request.
FISCAL IMPACT – State GovernmentFY 2026
(10 Mo.)
FY 2027FY 2028GENERAL REVENUECosts - DESE - to convene a work
group - §170.281 p.3($34,590)$0$0
ESTIMATED NET EFFECT ON
GENERAL REVENUE($34,590)$0$0
FISCAL IMPACT – Local GovernmentFY 2026
(10 Mo.)
FY 2027FY 2028$0$0$0
FISCAL IMPACT – Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
FISCAL DESCRIPTION
Under the provisions of this bill, all school districts, starting in the 2026-27 school year, must
require students to complete one-half unit credit of personal finance in order to graduate high
school. Schools can waive the requirement for certain transfer students as specified in the bill.
This bill requires the Department of Elementary and Secondary Education to convene a work
group to develop and recommend academic performance standards relating to the one-half unit
of credit in personal finance. Members of the work group must include educators who provide
instruction in personal finance, a representative from the Missouri Association of Career and
Technical Education, and others specified in the bill with at least 25% of the members comprised
of educators. L.R. No. 2607H.01I
Bill No. HB 1180
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The State Board of Education (SBE) must adopt and implement academic performance standards
for the 2026-27 school year and all subsequent school years. Every seven years, the SBE will
review the academic performance standards to determine whether they should be updated to
reflect trends and best practices in the current economy.
This legislation is not federally mandated, would not duplicate any other program and would not
require additional capital improvements or rental space.
SOURCES OF INFORMATION
Department of Elementary and Secondary Education
East Buchanan County C-I School District
Washington School District
Julie MorffJessica HarrisDirectorAssistant DirectorMarch 11, 2025March 11, 2025