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1998 Session

Budget Amendments - SB30 (Conference Report)

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Reflects anticipated statewide savings in personal services costs resulting from a delay in implemen

Item 547 #2c

Item 547 #2c

First Year - FY1999 Second Year - FY2000
Central Appropriations
Central Appropriations FY1999 ($797,430) FY2000 ($790,794) GF

Language
Page 323, after line 40, insert item:
"547.10  Reversion Clearing Account
                Miscellaneous (22600)                          ($797,430)                  ($790,794)
                Fund Sources: General                         ($797,430)                  ($790,794)
                Authority: Discretionary Inclusion
The Director of the Department of Planning and Budget shall withhold from agency appropriations and transfer to this item an amount estimated at $797,430 the first year and $790,794 the second year for statewide reductions in personnel costs resulting from a delay in implementing changes made to the contribution rates to the Virginia Retirement System."


Explanation
(This amendment captures statewide personnel savings resulting from a delay in implementing changes made to the contribution rates to the Virginia Retirement System. Because the first paycheck in the fiscal year is for work performed in the previous year, the rates in effect during the previous fiscal year can be used to compute the contribution requirements for the July 1 payroll.)