274#1s (TD) Income tax refund checks. SB30 - Committee Approved

State Budget

2014 Session

Budget Amendments - SB30 (Committee Approved)

Bill Order » Item 274 #1s

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Income tax refund checks

Item 274 #1s

Item 274 #1s	First Year - FY2015	Second Year - FY2016
Finance
Treasury, Department of the	FY2015 $200,000	FY2016 $200,000	GF

Language
Page 219, line 41, strike "$11,004,714" and insert "$11,204,714".
Page 219, line 41, strike "$10,866,840" and insert "$11,066,840".
Page 220, following line 43, insert:
"H. Out of the amounts included in this item for Revenue Administration Services is $200,000 in the first year and $200,000 in the second year from the general fund to implement the provisions of Senate Bill 27 of the 2014 Session of the General Assembly."

Explanation
(This amendment provides $200,000 each year from the general fund to reinstate the processing and mailing of income tax refund checks under the provisions of Senate Bill 27. This amendment is contingent upon final passage of Senate Bill 27. A companion amendment to Item 465 eliminates provisions contained in the Appropriations Act requiring the Comptroller to only issue refunds by electronic means.)

Item 274

Item 274	First Year - FY2015	Second Year - FY2016
Revenue Administration Services (73200)	$11,004,714	$10,866,840
Unclaimed Property Administration (73207)	FY2015 $5,380,640	FY2016 $5,210,880
Accounting and Trust Services (73213)	FY2015 $1,570,263	FY2016 $1,570,263
Check Processing and Bank Reconciliation (73216)	FY2015 $2,203,207	FY2016 $2,203,207
Administrative Services (73220)	FY2015 $1,850,604	FY2016 $1,882,490
Fund Sources:
General	FY2015 $3,325,990	FY2016 $3,357,876
Special	FY2015 $335,994	FY2016 $335,994
Trust and Agency	FY2015 $6,636,973	FY2016 $6,467,213
Dedicated Special Revenue	FY2015 $705,757	FY2016 $705,757

Authority: Title 2.2, Chapter 18 and §§ 55-210.1 through 55-210.30, Code of Virginia.

A. Included in this Item is a sum sufficient nongeneral fund appropriation for personal services and other operating expenses to process checks issued by the Department of Social Services. The estimated cost, excluding actual postage costs, is $89,000 the first year and $89,000 the second year.

B. Included in this Item is a sum sufficient nongeneral fund appropriation for administrative expenses to process the Virginia Employment Commission (VEC) and Virginia Retirement System (VRS) checks. The estimated cost for VEC is $5,500 the first year and $5,500 the second year, and for VRS is $25,500 the first year and $25,500 the second year.

C.1. The amounts for Unclaimed Property Administration are for administrative and related support costs of the Uniform Disposition of Unclaimed Property Act, to be paid solely from revenues derived pursuant to the Act.

2. The amounts also include a sum sufficient nongeneral fund amount estimated at $900,000 the first year and $900,000 the second year to pay fees for compliance services and securities portfolio custody services for unclaimed property administration.

3. Any revenue derived from the sale of the Department of the Treasury's new unclaimed property system is hereby appropriated to the department for use in unclaimed property customer service and system enhancements.

4. Notwithstanding § 55-210.13.C of the Uniform Disposition of Unclaimed Property Act, the State Treasurer is not required to publish any item of less than $250.

D. The State Treasurer is authorized to charge institutions of higher education participating in the private college financing program of the Virginia College Building Authority an administrative fee of up to 10 basis points of the amount financed for each project in addition to a share of direct costs of issuance as determined by the State Treasurer. Revenue collected from this administrative fee shall be deposited to a special fund in the Department of the Treasury to compensate the department for direct and indirect staff time and expenses involved with this program.

E. The State Treasurer is authorized to sell any securities remitted as unclaimed demutualization proceeds of insurance companies at any time after delivery, pursuant to legislation enacted by the 2003 Session of the General Assembly. The funds derived from the sale of said securities shall be handled in accordance with § 55-210.19, Code of Virginia.

F.1. The State Treasurer is authorized to charge qualified public depositories holding public deposits, as defined in § 2.2-4401, Code of Virginia, an annual administrative fee of not more than one-half of one basis point of their average public deposit balances over a twelve month period. The State Treasurer shall issue guidelines to effect the implementation of this fee. However, the total fees collected from all qualified depositories shall not exceed $100,000 in any one year.

2. Any regulations or guidelines necessary to implement or change the amount of the fee may be adopted without complying with the Administrative Process Act (§2.2-4000 et seq.) provided that input is solicited from qualified public depositories. Such input requires only that notice and an opportunity to submit written comments be given.

G. The State Treasurer shall work with universities and community colleges to develop policies and procedures which minimize the use of paper checks when issuing any reimbursements of student loan balances. These efforts should include reimbursement through debit cards, direct deposits, or other electronic means.