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1998 Session

Budget Amendments - HB30 (Committee Approved)

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Lorton prisoner revenue (language only)

Item 4-2.01 #2h

Item 4-2.01 #2h

Revenues
3: Miscellaneous & Part 4: General Provisions)

Language
Page 387, after line 31, insert:
"d.  PUBLIC SAFETY SPECIAL REVENUE FUND:
1. The State Comptroller shall establish the Public Safety Special Revenue Fund on the Commonwealth Accounting and Reporting System to reflect the activities of any contract between the Commonwealth of Virginia and another governmental entity for the housing of prisoners in facilities operated by the Virginia Department of Corrections.
2. The Department of Corrections shall have the responsibility for recording and maintaining all appropriate accounting records and financial reporting of the fund in accordance with generally accepted accounting principles.  The State Comptroller and the Auditor of Public Accounts shall periodically review the Department's accounting and financial reporting procedures for compliance with the requirements of this section.
3. The Department of Corrections shall monthly transfer net revenue from the Public Safety Special Revenue Fund to the General Fund, using generally accepted accounting principles as the basis for such transfer.
4. The Secretary of Finance shall provide the Department an anticipation loan of $6,459,900 the first year and $730,000 the second year in accordance with §4-3.02 b. of this act.  Such loan shall include repayment terms which anticipate repayment from the final billing to another governmental entity for the housing of prisoners in facilities operated by the Virginia Department of Corrections.
5. The Public Safety Fund shall not retain any amounts which it will not finally pay directly."


Explanation
(This amendment establishes the accounting mechanism for the Commonwealth's contract prison bed program.)