(1) As used in this section, "financial literacy" means knowledge of personal finances that is sufficient to enable a person to manage savings, investment, and checking accounts, to design and maintain a household budget, to manage personal debt, to understand consumer credit and finance, to manage personal credit options, and to understand and select among short-term and long-term investment options.
The state board shall create and maintain a resource bank of materials pertaining tofinancial literacy. At a minimum, the resource bank shall include national model standards for financial literacy, model programs of instruction for financial literacy, model financial literacy curricula, and model materials for professional educator development in teaching financial literacy. The resource bank shall also include a list of the available mathematics and economics textbooks that contain substantive provisions on personal finance, including personal budgeting, credit, debt management, and similar personal finance topics. The state board shall ensure that the materials included in the resource bank represent the best practices in the teaching of financial literacy. The materials in the resource bank shall be available to school districts not later than March 15, 2005.
Upon the request of a school district or a charter school, the department shall providetechnical assistance to the school district or charter school in designing a curriculum of financial literacy.
The department shall implement the provisions of this section to the fullest degreepossible within existing resources. The department shall contract with one or more entities for the implementation of this section.
The general assembly hereby finds and declares that, for purposes of section 17 ofarticle IX of the state constitution, creation of a resource bank of materials pertaining to financial literacy is an important element of an accountable program to meet state academic standards and may therefore receive funding from the state education fund created in section 17 (4) of article IX of the state constitution.
The department is authorized to accept and expend any gifts, grants, or donations thatmay be available from any private or public sources for the implementation of this section. All private and public funds received through gifts, grants, or donations pursuant to this subsection (6) shall be transmitted to the state treasurer, who shall credit the same to the financial literacy cash fund, which fund is hereby created and referred to in this subsection (6) as the "fund". The moneys in the fund shall be subject to annual appropriation by the general assembly for the direct and indirect costs associated with the implementation of this section. Any moneys in the fund not expended for the purposes of this section may be invested by the state treasurer as provided by law. All interest and income derived from the investment and deposit of moneys in the fund shall be credited to the fund. Any unexpended and unencumbered moneys remaining in the fund at the end of a fiscal year shall remain in the fund and shall not be credited or transferred to the general fund or another fund.
Source: L. 2004: Entire section added, p. 1773, § 1, effective June 4. L. 2011: (6) amended, (SB 11-218), ch. 151, p. 525, § 2, effective May 5. L. 2015: (6) amended, (SB 15264), ch. 259, p. 953, § 44, effective August 5.