2000 Session

Budget Amendments - SB30 (Conference Report)

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VRS Savings from Annual Valuations

Item 547 #12c

Item 547 #12c

First Year - FY2001 Second Year - FY2002
Central Appropriations
Central Appropriations FY2001 ($26,633,421) FY2002 ($27,977,674) GF

Page 369, line 42, strike "$24,923,968" and insert "($1,709,453)".
Page 369, line 42, strike "$53,328,861" and insert "$25,351,187".
Page, 374, following line 47, insert:
"L.  The Director of the Department of Planning and Budget shall withhold from agency appropriations and transfer to this Item an amount estimated at $26,633,421 the first year and $27,977,674 the second year for statewide reductions in employer retirement contribution rates resulting from annual valuation studies by the Virginia Retirement System, as required by Item 566 of this act."

(This amendment reverts savings of $26.3 million general fund the first year and $27.9 million General Fund the second year from the base operating budgets of state agencies. These savings will result from lower than anticipated employer retirement contribution rates based on the annual VRS valuation studies required by Item 566 of this act. Companion amendments under the Department of Education capture the estimated $58.5 million General Fund savings in teacher retirement contributions. Total estimated general fund savings of $113.1 million will result from these actions. Savings will also accrue to local school boards and agencies supported with non-general fund revenues.)