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2003 Session

Budget Amendments - SB700 (Committee Approved)

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Revenue Stabilization Fund (language only)

Item 278.10 #1s

Item 278.10 #1s

Finance
Accounts, Department of

Language
Page 257, following line 49 insert:
"C.1. For purposes of determining a transfer from the Revenue Stabilization Fund to the general fund based on anticipated shortfalls in revenues, total general fund revenues appropriated shall be based on the most recent amount appropriated in the Acts of Assembly at the time the General Assembly appropriates such transfer.  Anticipated shortfalls in 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.
2. In accordance with Article 10 § 8, Virginia Constitution, and § 2.2-1830, Code of Virginia, the amount of the transfer in any fiscal year shall not exceed more than one-half of the balance of the Revenue Stabilization Fund or more than one-half of the forecasted shortfall in revenues."


Explanation
(This amendment is technical in nature and clarifies that the term revenues appropriated for purposes of determining a transfer from the Revenue Stabilization Fund refers to the revenues appropriated in the Acts of Assembly in existence at the time the General Assembly appropriates such transfer.)