2003 Session

Budget Amendments - HB1400 (Committee Approved)

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Revenue Stabilization Fund Language (language only)

Item 278.10 #1h

Item 278.10 #1h

Accounts, Department of

Page 257, after line 32, insert:
"A. 1.  For purposes of determining a transfer from the Revenue Stabilization Fund to the general fund as a result of a downward revision in general fund revenues, the general fund revenues appropriated shall be those that are contained in the revenue forecast in which the Appropriation Act, in effect, was based.  Anticipated shortfalls in general fund revenues for fiscal years ending June 30, 2003 and June 30, 2004, shall be computed by comparing the revised general fund forecast presented to the General Assembly to total general fund revenues appropriated in Chapter 899 of the 2002 Acts of Assembly.
A.2.  In accordance with Art. 10 § 8, Virginia Constitution, and § 2.2-1830, Code of Virginia, the amount of the transfer shall not exceed more than one-half of the balance of Revenue Stabilization Fund or more than one-half of the forecasted shortfall in revenues."
Page 257, line 33, strike "A." and insert "B."
Page 257, line 40, strike "B." and insert "C."

(This amendment clarifies the calculation of revenues available for deposit to and transfer from the revenue stabilization fund.)