2012 Session

Budget Amendments - SB30 (Committee Approved)

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Federal Interest Payment

Item 124 #1s

Item 124 #1s

First Year - FY2013 Second Year - FY2014
Commerce And Trade
Virginia Employment Commission FY2013 ($4,150,000) FY2014 $0 GF
FY2013 $6,700,000 FY2014 $0 NGF

Page 86, line 3, strike "$717,323,520" and insert "$719,873,520".
Page 86, line 32, strike "$8,300,000" and insert "$6,700,000".
Page 86, strike line 34 through line 41 and insert:
"authorized to make the required interest payment from available nongeneral fund balances in the Penalty and Interest Fund."

(This amendment adjusts the amount of the interest payment owed to the federal government as the result of borrowing from the Federal Unemployment Account to reflect a more recent estimate that the total payment is projected to be $6.7 million. The amendment also eliminates a proposed employer surcharge and also eliminates the proposed general fund appropriation. The total interest payment will be made from the VEC Penalty and Interest Fund, which has adequate balances to cover the full amount.)