Contingent Uses of Revenue Adjustments and Surplus (language only)
Item 471.50 #2s
Item 471.50 #2s | | | |
| Central Appropriations |
| Central Appropriations |
Language
Page 458, after line 7, insert:
"Authority: Discretionary Inclusion
A. Half of the amount of any FY 2015 general fund revenue re-estimate that exceeds the FY 2015 revenue estimate contained in SB 800 of the 2015 session, as adopted by the Senate on February 12, 2015, shall be designated by the State Comptroller for payment to the Revenue Stabilization Fund no later than June 30, 2017, and the remaining half of said re-estimate shall be contingently appropriated for additional one-time payments to the Virginia Retirement System for the reduction in the unfunded liability for the state employee retirement system, and/or for supplanting with general funds those capital outlay projects funded with state-backed debt in this Act.
B. The total amount of any FY 2016 general fund revenue re-estimate that exceeds the FY 2016 revenue estimate contained in SB 800 of the 2015 session, as adopted by the Senate on February 12, 2015, is contingently appropriated to provide additional funds for a teacher salary increase above the 1.5 percent increase as provided elsewhere in this Act; one-time payments to the Virginia Retirement System for the reduction in the unfunded liability for the state employee retirement system; and/or for supplanting with general funds those capital outlay projects funded with state-backed general fund debt in this Act.
C. Subsequent to enactment of the budget by the 2015 General Assembly, half of any actual FY 2015 general fund revenue collections that exceed the general fund revenue estimate contained in the enacted budget shall be designated by the Comptroller for payment to the Revenue Stabilization Fund no later than June 30, 2017, and the remaining half of said FY 2015 general fund revenue collections above the forecast is hereby contingently appropriated for additional one-time payments to the Virginia Retirement System for the reduction in the unfunded liability for the state employee retirement system, and/or for supplanting with general funds those capital outlay projects funded with state-backed debt in this Act."
Explanation
(This amendment prioritizes the use of any additional revenues that may become available for appropriation in excess of the annual amounts assumed in amendments to SB 800 as adopted by the Senate on February 12, 2015, net of funds set-aside for a future deposit to the Revenue Stabilization Fund. The amendment also prioritizes the use of any FY 2015 surplus revenues, net of required designations for the Revenue Stabilization Fund, above the forecast adopted by the General Assembly in its amendments to SB 800 in the 2015 General Assembly Session.)