May 15 Student Investment Account Update

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SIA Update

ODE leaders will learn more about the State Revenue Forecast on May 20, which we hope will give us more clarity about the shortfall in the General Fund as well as other funds, including the corporate activity tax (CAT) that funds the Student Success Act (SSA). Following the Revenue Forecast, it's likely some action will be taken, which may include a special legislative session. We’re committed to keeping you informed as additional information becomes available.

While we are awaiting the revenue forecast, the SIA team has completed a comprehensive review of submitted budgets:

  • 161 budgets were submitted 
    • 36 under budgeted their preliminary allocation amount
    • 24 over budgeted their preliminary allocation amount
    • 19 applicants submitted a budget, but didn’t use the budget template
  • 47 budgets have not yet been submitted

The budgets reflect preliminary allocation amounts, priorities and planning prior to the COVID-19 crisis. Given the real economic and financial impacts ahead, ODE’s SIA team has held off requesting budget changes or resubmissions. In turn, ODE has continued its review of plans, documented necessary technical fixes or changes and supported applicants to complete the full grant application in order to meet requirements set out in law. 

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