2012 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Poindexter
VEC Interest Payment

Item 124 #1h

Item 124 #1h

First Year - FY2013 Second Year - FY2014
Commerce And Trade
Virginia Employment Commission FY2013 $2,550,000 FY2014 $0 GF

Page 86, line 3, strike "$717,323,520" and insert "$719,873,520".
Page 86, strike lines 30 through 41.

(This amendment increases the total amount of general fund support for the interest payment due to the federal government for unemployment benefit loans. According to the Virginia Employment Commission, the total interest payment due in 2012 is now estimated at $6.7 million. When the budget was developed, it was assumed that the total payment would be $8.3 million, and language was included to fund 50 percent of that amount from a per employee surcharge in calendar year 2013. This amendment removes the language relating to the surcharge, and provides the additional general fund amounts needed to fully pay the interest due to the federal government.)