2011 Session

Budget Amendments - SB800 (Member Request)

Chief Patron: McWaters
Reserved Spending Fund (language only)

Item 256.1 #1s

Item 256.1 #1s

Accounts Transfer Payments, Department of

Page 207, after line 9, insert:
A. Out of the general fund revenue forecast for fiscal year 2012, an amount not less than $250,000,000 shall be appropriated to a Revenue Contingency Account.  The comptroller....
B. In every fiscal year beginning with the 2011-2012 fiscal year, the Comptroller shall deposit $250 million from the general fund into the Reserved Spending Fund established under subsection C. The $250 million shall be deposited in four equal quarterly installments in the months of July, October, January, and April of each year.
C. The moneys in the Fund shall not be expended, disbursed, or otherwise obligated prior to May 30th of the fiscal year, except that moneys in the Fund may be expended, disbursed, or obligated prior to such date if a revised forecast of total general fund revenues for the year presented to the General Assembly during the fiscal year reflects a decline when compared to total general fund revenues appropriated for the year as set forth in the general appropriation act in effect.
D. Any balance remaining in the Fund as of May 30th of each year shall be distributed as follows:  50 percent shall be deposited into the Transportation Trust Fund established under § 33.1-23.03:1 to be allocated by the Commonwealth Transportation Board consistent with current allocations required by law and 50 percent shall be paid from the general fund as contributions to defined benefit retirement plans maintained for state employees that are administered by the Virginia Retirement System.
The distributions to the Transportation Trust Fund and the Virginia Retirement System shall be in addition to all other deposits or contributions required by law to the same.
E. There is hereby created in the state treasury a special fund to be known as the Reserved Spending Fund (the Fund). The Fund shall be established on the books of the Comptroller. The Fund shall consist of the deposits from the general fund as described in subsection A and all other sources of moneys, public or private, dedicated to the Fund. Such deposits and other sources of moneys shall be credited to the Fund. Moneys in the Fund shall be used solely as provided in this section

(This amendment directs a portion of the official revenue forecast to a Reserved Spending Fund. The primary purpose of the account would be to cover any revenue shortfall. If no revenue shortfall occurs in a given fiscal year, the amount shall be appropriated to 1) transportation and 2) repayment of the VRS rate deferral. This is a companion amendment to SB xxx.)