280#2c (DOATP) Remove Mandatory Rainy Day Fund Deposit Made in HB/SB 29. HB5001

State Budget

2004 Special Session I

Budget Amendments - HB5001 (Conference Report)

Bill Order » Item 280 #2c

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Remove Mandatory Rainy Day Fund Deposit Made in HB/SB 29

Item 280 #2c

Item 280 #2c	First Year - FY2005	Second Year - FY2006
Finance
Accounts Transfer Payments, Department of	FY2005 $0	FY2006 ($87,000,000)	GF

Explanation
(This amendment removes $87.0 million included from the general fund for a mandatory deposit to the Rainy Day Fund. Although the State Constitution requires that based upon the total revenues collected in fiscal year 2003 a deposit be made into the fund by fiscal year 2006, the Constitution does not preclude the payment of this deposit earlier. Therefore, this deposit will be made in fiscal year 2004 in order to provide a greater opportunity for interest earnings on the Revenue Stabilization Fund's balances.)

Item 280

Item 280	First Year - FY2005	Second Year - FY2006
Revenue Stabilization Fund (73500)	$0	$87,000,000
Fund Sources:
General	FY2005 $0	FY2006 $87,000,000

Authority: Title 2.2, Chapter 18, Article 4, Code of Virginia.

Out of this appropriation, $87,000,000 the second year from the general fund attributable to estimated tax collections for FY 2004 shall be paid into the Revenue Stabilization Fund pursuant to § 2.2-1829, Code of Virginia, by the State Comptroller on or before June 30, 2006, based on the certification of the Auditor of Public Accounts of actual tax revenues for FY 2004.

State Budget

2004 Special Session I

Budget Amendments - HB5001 (Conference Report)

Remove Mandatory Rainy Day Fund Deposit Made in HB/SB 29

Item 280 #2c

Item 280 #2c

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Item 280