HB 148 - SB 686
FISCAL NOTE
Fiscal Review Committee
Tennessee General Assembly
February 8, 2025
Fiscal Analyst: Laura Moore | Email: laura.moore@capitol.tn.gov | Phone: 615-741-2564
HB 148 - SB 686
SUMMARY OF BILL: Makes the current four-year pilot program established by the
Tennessee Higher Education Commission (THEC) to award completion grants to Tennessee
Promise scholarship students a permanent program. Creates the Tennessee Promise Completion
Grant Special Account (Account) to be administered by THEC for the purposes of continuing to
award completion grants to eligible students. Authorizes moneys in the account to be invested by
the state Treasurer, and requires any remaining balance unexpended at the end of a fiscal year to be
carried forward.
Requires THEC to ensure that each qualified student eligible for a completion grant is assigned a
coach under the program and has access to a completion grant amount of no more than $1,000 each
semester.
FISCAL IMPACT:
STATE GOVERNMENT
REVENUE General Fund
Tennessee Promise Completion
Grant Special Account
FY25-26 & Subsequent Years - $250,000
EXPENDITURES General Fund
Tennessee Promise Completion
Grant Special Account
FY25-26 & Subsequent Years $250,000 $250,000
Assumptions:
• Public Chapter 512 of 2021 was funded through the Appropriations Act (Public Chapter
454) at $250,000 per year from FY21-22 through FY24-25, for completion grants through
the state partnered non-profit organizations, TN Achieves and Ayers Foundation.
• As of FY24-25, all funds for the program have been fully expended.
• In order to continue the pilot program in perpetuity, it is assumed that the same level of
current funding will be needed in future years.
• This legislation creates the Tennessee Promise Completion Grant Special Account for
THEC to award completion grants. The account is assumed to be funded through an
appropriation from the General Fund each year at an estimated $250,000 beginning in
FY25-26.
• THEC can administer the program without a significant increase in state expenditures.
HB 148 - SB 686 2
CERTIFICATION:
The information contained herein is true and correct to the best of my knowledge.
Bojan Savic, Executive Director