2006 Session

Budget Amendments - SB30 (Committee Approved)

Revenue Stabilization Fund Payment

Item 260.1 #1s

Item 260.1 #1s

First Year - FY2007 Second Year - FY2008
Accounts Transfer Payments, Department of FY2007 $0 FY2008 $106,600,000 GF

Page 216, insert after line 3:
"1.  Out of this appropriation, $106,600,000 the second year from the general fund 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, 2008, based on the certification of the Auditor of Public Accounts of actual tax revenues for FY 2006 and the required deposit, net of the prepayment made in June 2006.
2.  On or before November 1 of each year, the Auditor of Public Accounts shall report to the General Assembly the certified tax revenues collected in the most recently ended fiscal year.  The Auditor shall, at the same time, provide his report on (i) the 10 percent limitation and the amount that could be paid into the Fund and (ii) any amounts necessary for deposit into the Fund in order to satisfy the mandatory deposit requirement of Article X, Section 8 of the Constitution of Virginia, as well as any additional deposit requirement of §  2.2-1829, Code of Virginia."

(This amendment provides the second year Revenue Stabilization Fund deposit based on Fiscal Year 2006 estimated revenue collections.)