MS SB3055

Appropriates $5,556,253.00 from special funds in the State Treasury to cover operating expenses of the State Treasurer's Office for fiscal year 2020 (July 1, 2019 - June 30, 2020).

Authorizes 42 permanent full-time positions for the State Treasurer's Office and provides up to 3% pay increase to the Variable Compensation Plan for all full-time employees, excluding agency heads and board members.

Appropriates $150,000.00 from the Education Improvement Trust Fund No. 3219 for investment purposes and $35,000,000.00 from the Mississippi Prepaid Affordable College Tuition Trust Fund for prepaid tuition contract payments.

Allocates appropriated funds among three program budgets: Mississippi Prepaid Affordable College Tuition program ($1,839,255.00), Mississippi Affordable College Savings program ($177,447.00), and Treasury Office Support programs ($3,539,551.00).

Effective July 1, 2019; includes restrictions prohibiting payment of attorney's fees, payments to relatives within the third degree, and use of general funds to replace withdrawn federal or special funds previously used for authorized salaries.