Rainy Day Fund Deposit
Item 260.10 #1h
Item 260.10 #1h | First Year - FY2007 | Second Year - FY2008 | |
| Finance |
| Accounts Transfer Payments, Department of | FY2007 $354,057,244 | FY2008 $95,000,000 | GF |
Language
Page 216, after line 3, insert:
"A. Out of this appropriation, $354,057,244 the first year from the general fund attributable to actual tax collections for fiscal year 2005 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, 2007, based on the certification of the Auditor of Public Accounts of actual tax revenues for fiscal year 2005. This appropriation meets the mandatory deposit requirement of Article X, Section 8 of the Constitution of Virginia.
B. Out of this appropriation, $95,000,000 the second year from the general fund shall be paid by the State Comptroller on or before June 30, 2008, into the Revenue Stabilization Fund pursuant to § 2.2-1829, Code of Virginia. This amount represents
an estimate of the required deposit to the Revenue Stablization Fund attributable to tax collections for fiscal year 2006, which the Auditor of Public Accounts shall determine for the year ending June 30, 2006.
C. 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 the 10 percent limitation and the amount that could be paid into the Fund in order to satisfy the mandatory deposit requirement of Article X, Section 8 of the Constitution of Virginia as well as the additional deposit requirement of § 2.2-1829, Code of Virginia."
Explanation
(This amendment provides for the constitutionally required deposit to the Revenue Stabilization Fund in fiscal year 2007, as certified by the Auditor of Public Accounts based upon final fiscal year 2005 revenue collections. This amendment also contains an appropriation for the Revenue Stabilization Fund for fiscal year 2008, based upon preliminary assumptions about fiscal year 2006 revenue collections. The actual amount required for fiscal year 2008 will not be determined until certified by the Auditor of Public Accounts on November 1, 2006, based upon actual fiscal year 2006 collections. A companion amendment to House Bill 5001 removes the prepayment of the fiscal year 2007 deposit to ensure that transfers out of the Fund are not required. The Auditor of Public Accounts indicates that proposing a deposit in excess of the calculated Fund maximum is contrary to the constitutional provisions regarding the Revenue Stabilization Fund.)