2017 Session

Budget Amendments - HB1500 (Committee Approved)

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Utilize Any FY 2017 Surplus to Establish Cash Reserve (language only)

Item 4-14 #1h

Item 4-14 #1h

Effective Date
Effective Date


Page 587, after line 34, insert:

"7. A.  Notwithstanding the provisions of § 2.2-1514, Code of Virginia, or any other provision of law, any general fund revenues collected and deposited for fiscal year 2017 that are in excess of the official forecast contained in this act, shall be reflected by the Comptroller as committed on the June 30, 2017, preliminary balance sheet pursuant to the provisions of this enactment for the purposes of establishing a cash reserve to mitigate any potential revenue shortfalls that may arise during the remainder of the biennium.

B.  To determine the amounts that are to be committed, the Comptroller shall first determine the revenues that were collected in excess of the revenues forecast in this act.  He shall then reduce those revenues for the following adjustments:

1. Any amounts that must be restricted such as mandatory deposits to the Revenue Stabilization Fund.

2. Any amounts that normally would be committed or assigned pursuant to GASB standards.

3. Any amounts that must be committed for deposit to the Water Quality Fund from excess general fund revenue collections pursuant to § 10.1-2128 A., Code of Virginia.

4. Any other amounts that are required to be committed or assigned pursuant to any other items or provisions of this act, which would include mandatory carryforwards, unexpended balances in capital projects, and balances required to be carried forward for fiscal year 2018.

C. The amount that remains after deduction of the amounts listed above from the surplus revenues on June 30, 2017, shall be further reduced by fifty percent.

D. The Comptroller shall then reflect the remaining fifty percent as a commitment on the preliminary balance sheet entitled Revenue Cash Reserve to be held solely for the purposes of mitigating any loss of general fund revenues in fiscal year 2018 from the official forecast contained in this act.

E. The Comptroller may draw against the balances of the Revenue Cash Reserve for an amount equal to any shortfall in general fund revenue collections from the official forecast contained in this act for fiscal year 2018."

Page 587, line 35, strike "7" and insert "8".

Page 587, line 35, after "first enactment" strike "and" and insert",".

Page 587, line 35, after "second enactment" insert "and seventh enactment".


(This amendment establishes a revenue reserve fund from any excess revenues generated above the official forecast in fiscal year 2017.)