2008 Session

Budget Amendments - HB30 (Conference Report)

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Lottery Proceeds Fund (language only)

Item 3-1.01 #4c

Item 3-1.01 #4c

Interfund Transfers

Page 489, strike lines 14 through 24 and insert:
"G1.  The Comptroller shall transfer to the Lottery Proceeds Fund established pursuant to § 58.1-4002.1, Code of Virginia, an amount estimated at $461,000,000 the first year and $461,000,000 the second year, from the State Lottery Fund.  The transfer each year shall be made in two parts:  (1) on or before January 1 of each year, the Comptroller shall transfer the balance of the State Lottery Fund for the first five months of the fiscal year and (2) thereafter, the transfer will be made on a monthly basis.  Prior to June 20 of each year, the State Lottery Director shall estimate the amount of profits in the State Lottery Fund for the month of June and shall notify the State Comptroller so that the estimated profits can be transferred to the Lottery Proceeds Fund prior to June 22.
2.  No later than 10 days after receipt of the annual audit report required by
§ 58.1-4023, Code of Virginia, the Comptroller shall transfer to the Lottery Proceeds Fund the remaining audited balances of the State Lottery Fund for the prior fiscal year.  If such annual audit discloses that the actual revenue is less than the estimate on which the June transfer was based, the State Comptroller shall adjust the next monthly transfer from the State Lottery Fund to account for the difference between the actual revenue and the estimate transferred to the Lottery Proceeds Fund.  The State Comptroller shall take all actions necessary to effect the transfers required by this paragraph, notwithstanding the provisions of  § 58.1-4022, Code of Virginia.  In preparing the Comprehensive Annual Financial Report, the State Comptroller shall report the Lottery Proceeds Fund as specified in § 58.1-4002.1, Code of Virginia."

(This amendment clarifies that lottery profits dedicated to public education are to be appropriated directly from the Lottery Proceeds Fund.)