2002 Session

Budget Amendments - HB30 (Committee Approved)

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Restoration of Transportation Funding (language only)

Item 3-1.01 #23h

Item 3-1.01 #23h

Interfund Transfers

Page 419, strike lines 5 through 10 and insert:.
"W. Notwithstanding the provisions of § 58.1-638, Code of Virginia, or any other provision of law, on or before June 30, 2003, the Governor may direct the State Comptroller to transfer an amount not to exceed $110,000,000 from the Transportation Trust Fund to the general fund.  In the event that general fund revenue collections exceed the official estimate as prepared on February 11, 2002, for the fiscal year ending June 30, 2002, the Governor shall reduce the amount of the transfer by an amount equal to general fund revenues in excess of the estimate."

(This amendment restores the 1/2 cent sales and use tax dedicated to transportation in both years of the biennium. The Governor is given the authority to transfer up to $110 million from VDOT in the first year if revenue collections do not improve. A companion amendment in Central Accounts provides for the repayment of such transfer to the general fund by August 15, 2003. )