2012 Session

Budget Amendments - SB30 (Committee Approved)

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Modify language authorizing the Federal Action Contingency Trust Fund (language only)

Item 469 #1s

Item 469 #1s

Central Appropriations
Central Appropriations

Page 360, strike lines 9 through 11 and insert:
"J.1. Out of the appropriation for this item, $20,000,000 the second year from the general fund is provided to further capitalize a reserve to be known as the Federal Action Contingency Trust (FACT) Fund. The Governor is authorized to distribute amounts from this reserve to mitigate or address a variety of negative impacts of federal fiscal actions on the Commonwealth. Although not specifically limited to the following, the Governor may use this reserve to address the replacement of losses of direct federal grant funding, to provide incentives to retain or consolidate federal facilities in Virginia, to address federal tax policy changes from conformity that are deemed undesirable, and to assist businesses impacted by the cutback of federal procurement or defense contracts obtain new alternative customers.
2. There is hereby created an advisory committee to provide advice to the Governor concerning the use of the Federal Action Contingency Trust (FACT) Fund. The committee shall consist of six legislative members appointed by the Joint Rules Committee one of which shall be from the Senate at large, and one of which shall be from the House at large, and two members of the Senate Committee on Finance and two members from the House Appropriations Committee. The secretaries of Commerce and Trade and Finance shall also serve as members of the advisory committee.  
3. Prior to the distribution of any funds from the Federal Action Contingency Trust (FACT) Fund, the Governor shall consult with the advisory committee regarding the purpose of any proposed distribution and seek the advisory committee’s guidance. The advisory committee shall respond to the Governor within five days after receiving a proposal from the Governor indicating their guidance to him about the proposed distribution. The Governor shall also notify the chairmen of the Senate Finance Committee and the House Appropriations Committee in writing within ten days concerning his decision to distribute money from the FACT reserve having previously received guidance from the advisory committee.
4. If the U.S. Congress substantially delays or amends the automatic $1.2 trillion in federal budget reductions scheduled to take effect in January 2013 pursuant to the Budget Control Act of 2011; and, the Governor and the advisory committee determines that the result of any such action will not significantly impact the Commonwealth’s revenues, certain contingent appropriations as identified in Item 105 shall be provided from the Federal Action Contingency Trust (FACT) Fund."

(This amendment modifies language authorizing the Federal Action Contingency Trust (FACT) Fund in order to establish criteria for use of the funding as well as to establish an advisory committee.)