HB 1703-FN – AS AMENDED BY THE HOUSE
8Mar2012… 1051h
2012 SESSION
04/01
HOUSE BILL 1703-FN
AN ACT requiring the school board to develop and implement a policy that incorporates the foundations of financial literacy into the school curriculum and instruction.
SPONSORS: Rep. Doherty, Hills 27; Rep. McGuinness, Hills 20
This bill requires the school board to develop and implement a policy that incorporates the foundations of financial literacy into the school curriculum and instruction.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
8Mar2012… 1051h
12-2508
04/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twelve
AN ACT requiring the school board to develop and implement a policy that incorporates the foundations of financial literacy into the school curriculum and instruction.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Legislative Intent. The general court finds that:
I. It is the policy of the state of New Hampshire that public elementary and secondary education shall provide all students with the opportunity to acquire the knowledge and skills necessary to prepare them for successful participation in the social, economic, scientific, technological, and political systems of a free government; an education that is consistent with the curriculum and student proficiency standards specified in state school approval rules and New Hampshire curriculum frameworks (RSA 193-E:1, I); and
II. Respecting New Hampshire’s long tradition of community involvement, in which a public education is provided through an integrated system of shared responsibility between state and local government, wherein the state establishes, through curriculum guidelines, the framework for the delivery of educational services at the local level, and wherein school districts then have flexibility in implementing diverse educational approaches tailored to meet student needs (RSA 193-E:1, II); and
III. The curriculum frameworks present educational goals, broad pedagogical approaches and strategies for assisting students in the development of the skills, competencies, and knowledge called for by the academic standards for each area of education, including the area of financial literacy and personal finance (RSA 193-E:2-a, V and “K-12 Social Studies New Hampshire Curriculum Framework” Strand: Economics (EC:6), Standard:SS:EC:6:Personal Finance); and
IV. It is the responsibility of local teachers, administrators, and school boards to identify and implement approaches best suited for the students in their communities to acquire the skills and knowledge included in the frameworks, to determine the scope, organization, and sequence of course offerings, and to choose the methods of instruction, the activities, and the materials to be used (RSA 193-E:2-a, V); therefore,
V. A school board shall develop and implement a policy that incorporates the foundations of financial literacy, including personal finance, into the school curriculum and instruction. Financial literacy is critical to the success of citizens in modern society, therefore such instruction shall include, but not be limited to, the concepts of budgeting, checking and savings accounts, understanding how credit operates and factors that affect creditworthiness, understanding compound interest, basic investment principles, elements of home purchase, risk management and how insurance operates, an introduction to federal and state taxation, and consumer rights and protection.
2 New Section; School Boards; Financial Literacy. Amend RSA 189 by inserting after section 10 the following new section:
189:10-a Financial Literacy. Because financial literacy is critical to the success of citizens in modern society, the school board shall develop and implement a policy that incorporates the foundations of financial literacy, including personal finance, into the school curriculum and instruction.
3 Effective Date. This act shall take effect July 1, 2013.
LBAO
12-2508
10/27/11
HB 1703-FN - FISCAL NOTE
AN ACT requiring the school board to develop and implement a policy that incorporates the foundations of financial literacy into the school curriculum and instruction.
FISCAL IMPACT:
The Department of Education states this bill will increase local expenditures by $4,452,820 in FY2015 and in each year thereafter. There will be no fiscal impact on state, county and local revenue, or on state and county expenditures.
METHODOLOGY:
The Department assumes this legislation would apply to New Hampshire’s 82 public high schools and would not apply to private high schools. The Department estimated the annual cost based on the following assumptions:
• 15,000 students will be required to take the full year course.
• No existing requirements, such as the ˝ credit in economics, would be eliminated.
• Each high school would need to add the equivalent of ˝ of a full-time teacher at an average cost of $36,010 for salary and benefits.
• The cost of textbooks and supplies would be approximately $100 per student.
• State funds will not be available to offset the local cost.
Based on these assumptions, the cost to implement the provisions of this bill would be as follows:
Additional textbooks and supplies (15,000 x $100): $1,500,000
Additional part-time teachers (82 x $36,010): $2,952,820
Total annual cost: $4,452,820