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FY 2024-25 INSURANCE AND FINANCIAL SERVICES BUDGET

S.B. 765 (S-2): SENATE APPROPRIATIONS REC.

(as reported)

Committee: Appropriations Throughout this document Senate means Committee Recommendation

 

FULL-TIME EQUATED (FTE) CLASSIFIED

POSITIONS/FUNDING SOURCE

FY 2023-24

YEAR-TO-DATE*

FY 2024-25

SENATE APPROPRIATIONS REC.

CHANGES FROM

FY 2023-24 YEAR-TO-DATE

AMOUNT

PERCENT

FTE Positions.............................................................

388.5

400.5

12.0

3.1

GROSS.......................................................................

74,147,900

79,271,400

5,123,500

6.9

Less:

 

 

 

 

Interdepartmental Grants Received............................

732,100

753,500

21,400

2.9

ADJUSTED GROSS....................................................

73,415,800

78,517,900

5,102,100

6.9

Less:

 

 

 

 

Federal Funds..........................................................

1,017,100

700,000

(317,100)

(31.2)

Local and Private......................................................

0

0

0

0.0

TOTAL STATE SPENDING.........................................

72,398,700

77,817,900

5,419,200

7.5

Less:

 

 

 

 

Other State Restricted Funds....................................

72,398,700

77,817,900

5,419,200

7.5

GENERAL FUND/GENERAL PURPOSE......................

0

0

0

0.0

PAYMENTS TO LOCALS............................................

0

0

0

0.0

*As of February 7, 2024.

 

Major Boilerplate Changes from FY 2023-24 Year-to-Date:

1.   Deleted Sections. The Senate deleted multiple sections, including: 214 (Dept Performance Metrics), 218 (Ad Board Transfers), 219 (Report Retention), 231 (Legislative intent Statement on Employee Performance Monitoring), 232 (TV Radio Productions Report)

2.   Added Sections. The Senate added several new sections, including: 306 (Auto Rate Filings), 307 (Customer Service), 308 (Satellite Offices), 401 (Auto Insurance Research), 402 (Insulin Study)

 


FY 2023-24 Year-to-Date Appropriation..................................................

$74,147,900

$0

 

 

 

CHANGE FROM
FY 2023-24
Y-T-D

FY 2024-25 RECOMMENDED
APPROPRIATION

Gross

GF/GP

Gross

GF/GP

Baseline Adjustments

 

 

 

 

  1.  Insurance Evaluation and Consumer Services and Protection Program. The Senate added $1,314,100 in restricted fund authorization to support an increase in work volume experienced within the Program.

1,314,100

0

15,970,600

0

  2.  Pharmacy Benefit Manager Licensure and Regulation Act. The Senate included $660,000 in restricted funds for costs associated with licensing and regulating pharmacy benefit managers under PA 11 of 2022.

660,000

0

660,000

0

  3.  Economic Adjustments. Includes $443,900 Gross and $0 GF/GP for total economic adjustments.

1,399,400

0

N/A

N/A

New Programs/Program Increases

 

 

 

 

  4.  Customer Care Service for Auto Accident Survivors. The Senate added $1.5 million and 5.0 FTEs in restricted funds to provide customer service related to auto accident care claims and assistance to assist catastrophic accident survivors.

1,500,000

0

1,500,000

0

One-Time Appropriations

 

 

 

 

  5.  Auto Insurance Reform Study. The Senate added $250,000 in State restricted funding to contract with a university or research institute to conduct a study of the effects of the 2019 auto insurance reform.

250,000

0

250,000

0

  6.  Insulin Study. The Senate required the Department to conduct a study of the insulin market and submit recommendations to increase access to insulin and lower the cost.

0

0

0

0

 

 

 

 

 

 

Total Changes...............................................................................................

$5,123,500

$0

 

FY 2024-25 SENATE APPROPRIATIONS REC..............................................

$79,271,400

$0

 

 

 

Date Completed: 5-1-24 Fiscal Analyst: Nathan Leaman