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FY 2024-25 INSURANCE AND FINANCIAL
SERVICES BUDGET
S.B. 765 (S-2): SENATE-PASSED
|
FULL-TIME EQUATED (FTE) CLASSIFIED POSITIONS/FUNDING SOURCE |
FY 2023-24 YEAR-TO-DATE* |
FY 2024-25 |
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 2024-25 RECOMMENDED |
|||
|
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 |
|
|
|
|
|
|
|
|
|
$5,123,500 |
$0 |
|
|
|
FY 2024-25 SENATE-PASSED...................................................................... |
$79,271,400 |
$0 |
|
Date Completed: 5-2-24 Fiscal Analyst: Nathan Leaman