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State Budget

2005 Session

Budget Amendments - SB700 (Conference Report)

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Additional Cost Overruns

Item C-196.10 #1c

Item C-196.10 #1c

 First Year - FY2005 Second Year - FY2006
Central Appropriations
Central Capital Outlay FY2005 $0 FY2006 ($28,817,000) GF

Language
Page 540, strike lines 10 through 55, and insert:
"A.  Once a capital project is under contract, the Department of Planning and Budget shall transfer to this item any unobligated general fund balances appropriated for individual capital projects in this act, except items C-108.85 and C-147.05, to address anticipated cost overruns.
B.  To the extent funds become available from the transfers authorized in paragraph A., the Director of the Department of Planning and Budget shall give first consideration to the following projects:
Agency/Institution Project Title
Old Dominion University Tri-Cities Center
Old Dominion University TELETECHNET Classroom Expansion
University of Virginia Cavalier Substation
Virginia Institute of Marine Science Marine Research Building Complex
Virginia Polytechnic Institute and State University  Building Construction Lab
Virginia Polytechnic Institute and State University Institute for Critical Technology  and Applied Science
C.  To the extent funds are not needed for the projects identified in paragraph B., the Department of Planning and Budget shall establish criteria for ranking the priority of other capital projects to receive supplemental funding from this item.    Such criteria shall give first priority to life safety, and shall also include, but not be limited to, the continued operation of current facilities and programs.  The Director shall report his criteria to the Chairmen of the House Appropriations and Senate Finance Committees by June 1, 2005.  Allocations of funds from this item shall be reported to  the Chairmen of the House Appropriations and Senate Finance Committees quarterly beginning on July 1, 2005."

Explanation
(This amendment requires the transfer of any unused general funds provided for cost overruns of capital projects at four-year institutions of higher education to support anticipated cost overruns of other projects that may go to bid over the next year.)

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