3-2.01#1c (3: Miscellaneous & Part 4: General Provisions)) Racing Commission. SB30

State Budget

1998 Session

Budget Amendments - SB30 (Conference Report)

Bill Order » Item 3-2.01 #1c

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Racing Commission (language only)

Item 3-2.01 #1c

Item 3-2.01 #1c
Working Capital Funds and Lines of Credit
3: Miscellaneous & Part 4: General Provisions)

Language
Page 378, line 33, after "entirety." insert:
"The State Comptroller shall make available to the Racing Commission, on July 1 of each year, the amount of $125,000 from the general fund as a temporary cash flow advance, to be repaid by December 30 of each year."

Explanation
(This amendment provides the Racing Commission sufficient cash flow to meet operating expenses.)

Item 3-2.01

Item 3-2.01

§ 3-2.01 ADVANCES TO WORKING CAPITAL FUNDS

The unpaid balance of the loan from the state treasury to the Virginia Racing Commission, currently recorded on the books of the State Comptroller and estimated at $877,790 on July 1, 1998, shall be considered as a working capital advance for the Commission. The funds to repay the advance shall be generated from revenues collected by the Commission. It is estimated that this advance will be repaid the first year, in its entirety.

State Budget

1998 Session

Budget Amendments - SB30 (Conference Report)

Racing Commission (language only)

Item 3-2.01 #1c

Item 3-2.01 #1c

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Item 3-2.01