Language Page 363, following line 15, insert:There is hereby appropriated to this Item $55,900,000 from the one-time deposit to the general fund pursuant to the Mortgage Servicing Settlement. These funds shall be distributed to school divisions as specified below."
Explanation(This amendment provides $55.9 million GF derived from the Commonwealth's one-time payment under the Mortgage Servicing Settlement Agreement. This funding is provided as one-time education funding to localities in recognition of the adverse impact the mortgage crisis had on local property tax revenue and as assistance with costs related to inflation and the Virginia Preschool Initiative. This amendment, when combined with $45.0 million in Item 139 #6s for Additional Assistance with Teacher Retirement Contribution Rates, provides a total of $100.9 million in the 2012-14 biennium that is allocated back to school divisions, on a pro-rated basis, on the same basis as funding was reduced in the introduced budget by eliminating the update for inflation. In a separate amendment in Item 108, $10 million from the Mortgage Servicing Settlement Agreement is allocated to the Housing Trust Fund.)