2004 Special Session I

Budget Amendments - SB5001 (Committee Approved)

View Budget Item
View Budget Item amendments

UVA - E&G Reserve Fund (language only)

Item 213 #5s

Item 213 #5s

Education: Higher Education
University of Virginia

Page 164, line 55, strike "Such reserve funds"
Page 164, strike lines 56 and 58.
Page 164, line 55, after "revenues.", insert: "Annual contributions to such reserve funds shall not exceed two percent of the asset value of the educational and general buildings constructed with nongeneral fund revenues for which such reserves are established."
Page 165, line 10, insert:
"4.  In reviewing the financial and administrative relationships between the Commonwealth and its public higher education institutions, the joint subcommittee established pursuant to Senate Joint Resolution 90 of the 2004 General Assembly shall review and make recommendation on whether the interest earned in this account should be retained by the University."

(This amendment amends language in the introduced budget allowing the University of Virginia to establish a reserve fund for repairing educational and general buildings constructed with nongeneral funds.)