2012 Session

Budget Amendments - HB30 (Committee Approved)

View Budget Item
View Budget Item amendments

VEC Interest Payment

Item 124 #1h

Item 124 #1h

First Year - FY2013 Second Year - FY2014
Commerce And Trade
Virginia Employment Commission FY2013 ($3,000,000) FY2014 $0 GF
FY2013 $5,600,000 FY2014 $0 NGF

Page 86, line 3, strike "$717,323,520" and insert "$719,923,520".
Page 86, line 32 strike "$8,300,000" and insert "$6,700,000".
Page 86, strike lines 34 through 41 and insert:
"directed to pay $5,600,000 in the first year from nongeneral fund revenues provided in this item to supplement the general fund appropriation provided for the interest payment."

(This eliminates a proposal to pay a portion of the interest payment due to the federal government for unemployment benefit loans from a per employee surcharge, and instead directs the use of penalties and interest to fund $5.6 million of the $6.7 million payment due in 2012. When the budget was developed, it was assumed that the total payment would be $8.3 million but because the interest rate being charged is lower than anticipated, that figure has been revised downward by $1.6 million. This amendment removes the language relating to the surcharge, and directs that the remainder will come from unencumbered portions of the balance available in the interest and penalties funding available to the Virginia Employment Commission.)