Item 256 | First Year - FY2011 | Second Year - FY2012 |
|---|---|---|
| Revenue Stabilization Fund (73500) | $0 | $50,000,000 |
| Payments to the Revenue Stabilization Fund (73501) | FY2011 $0 | FY2012 $50,000,000 |
| Fund Sources: | ||
| General | FY2011 $0 | FY2012 $50,000,000 |
Authority: Title 2.2, Chapter 18, Article 4, Code of Virginia.
A. 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.
B.1. Out of the appropriation in the second year, $50,000,000 shall be reserved by the State Comptroller on June 30, 2012, as a reserve for any potential deposit required to be made to the Revenue Stabilization Fund attributable for tax collections for fiscal year 2011, pursuant to § 2.2-1829, Code of Virginia. This appropriation is subject to the following conditions: 1) if the Auditor of Public Accounts' certification of the required deposit attributable to actual tax collections for fiscal year 2011 exceeds the amount included in this item, the incremental amount required to meet the actual required deposit as certified by the Auditor of Public Accounts shall be deposited into the Revenue Stabilization Fund on or before June 30, 2013; or 2) in the event the Auditor of Public Accounts' certification of the required deposit attributable to actual tax collections for fiscal year 2011 is less than the amount included in this item, any amount in excess of the amount needed to meet the actual required deposit shall remain in the general fund and not be deposited to the Revenue Stabilization Fund.
2. Prior to establishing the reserve as required by the preceding paragraph, the Governor is authorized to use all or a portion of this appropriation to pay for unfunded federal mandates or for spending needs required by emergency disaster declarations in the event that such mandates or disasters require the state to spend funds prior to June 30, 2012. The Governor shall report in writing his intent to use any portion of this appropriation to pay for unfunded federal mandates or disaster declarations to the Chairman of the House Appropriations and Senate Finance Committees prior to any actual expenditure of this appropriation for such purposes. The Governor's notification shall specify the exact nature of the federal mandate or law authorizing it or specify the exact nature of the required disaster response. The notification shall also state the amounts to be used from this appropriation to satisfy said mandate or disaster response.