Revenue Reserve Fund

Item 473.1 #1h

Language
Page 433, after line 37, insert:
`"A.  Out of this appropriation, $85,000,000 from the general fund the second year is provided to compensate for downward revisions of the official 2008-2010 general fund revenue estimates reflected in Enactment No. 1, § 3 of this act, and prepared subsequent to December 17, 2007, for the fiscal years 2008-09 and 2009-10.
B. Upon certification by the Governor that the general fund revenue estimates referenced in subparagraph A have been met for the fiscal year ending June 30, 2009, these funds shall be appropriated as outlined in the following paragraphs.  If general fund revenue collections are less than the general fund revenues included in this act, the amounts provided in this item shall not be transferred to agencies and institutions, but shall be used to offset the shortfall in general fund revenues.
C.  Out of this appropriation and subject to paragraph A and B of this item, $1,800,000 the second year from the general fund is designated for the Tuition Assistance Grant program in Item 147 of this act in order to increase the annual undergraduate award to $3,300.
D. Out of this appropriation and subject to paragraph A and B of this item, $750,000 the second year from the general fund is designated for the University of Virginia to begin development of the Produced in Virginia program to provide new engineering education opportunities in collaboration with the community colleges and local industry.
E. Out of this appropriation and subject to paragraph A and B of this item, $500,000 the second year from the general fund is designated for the Virginia Community College System to begin development of the Produced in Virginia program to provide new engineering education opportunities in collaboration with the University of Virginia and local industry.
F. Out of this appropriation  and subject to paragraph A and B of this item, $250,000 the second year from the general fund is designated for the Virginia Aerospace and Technology Scholars Program in the State Council of Higher Education for Virginia.  The program provides online NASA coursework for 300 high school juniors statewide and a six-day summer academy at NASA Langley Research Center for 140 course participants as rising seniors.  State legislators will participate in student selection for their legislative districts.
G.1. Out of this appropriation  and subject to paragraph A and B of this item, $1,500,000 the second year from the general fund is designated for the Virginia Coastal Energy Research Consortium (VCERC)
to support research and development of Virginia’s marine renewable energy resources with a focus on offshore winds, waves, and marine biomass, including the generation of algal biodiesel.
2. The distribution of these cost-sharing funds shall be designated by the VCERC Board of Directors for proposals involving VCERC institutions working together.  Old Dominion University will fund the support for the VCERC organization as required and provide industry sub-contracting as appropriate to support research and industry collaboration.
3. The VCERC shall operate following the administrative model of the Virginia Space Grant Consortium, employing the Old Dominion Research Foundation as its fiscal agent.
4. Funding contained in G.1. is contingent on the VCERC and/or the member institutions being able to document existing financial investments in such research activities from other federal or private funds.
5. The VCERC Executive Director shall certify to the Director, Department of Planning and Budget, that the requirements contained in G.2. through G.4. have been achieved prior to the transfer from the general fund to Old Dominion University’s appropriation.  It will be left to the discretion of the Director, Department of Planning and Budget, as to the amount of funds that are transferred at any given time.
H.   Out of this appropriation  and subject to paragraph A of this item, $15,000,000 the second year from the general fund is designated for deposit to the Virginia Natural Resources Commitment Fund established pursuant to House Bill 1335, 2008 Session of the General Assembly, for the implementation of agricultural best management practices.
I.  Out of this appropriation  and subject to paragraph A of this item, $11,614,430 the second year from the general fund is designated to restore fiscal year 2007 balances transferred to the general fund in fiscal year 2008 pursuant to House Bill 29, 2008 Session of the General Assembly, as follows:
Compensation Board 90,000
General Services 50,000
Minority Business Enterprise 40,000
CVCC 529,333
DSLCC 6,695
DCC 943,689
ESCC 488,662
GCC 381,428
JSRCC 16,039
KTCC 338,778
LFCC 988,537
MECC 159,587
NVCC 654,363
PHCC 1,646,903
PDCCC 260,882
PVCC 540,685
RCC 174,000
SSVCC 386,290
SWVCC 359,075
TCC 2,035,000
VHCC 493,000
WCC 562,000
Treasury 469,484
J.  Out of this appropriation and subject to paragraph A of this item, $53,000,000 the second year from the general fund shall be provided for a reserve for a state employee, higher education faculty, state-supported local employee and teacher salary increase in the second year of the biennium."

Explanation
(This amendment establishes a revenue reserve fund totaling $85.0 million and provides the uses of a portion of those funds if the revenue forecast is met.)