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Page 525, line 39,insert:
"2. That § 2.2-1514, as it is currently effective and as it may become effective, of the Code of Virginia is amended and reenacted and that the Code of Virginia is amended by adding in Chapter 18 of Title 2.2 an article numbered 4.1, consisting of sections numbered 2.2-1831.1 through 2.2-1831.4, as follows:
§ 2.2-1514. (Contingent expiration date -- see Editor's notes) Assignment of general fund for nonrecurring expenditures.
A. As used in this section:
"The Budget Bill" means "The Budget Bill" submitted pursuant to § 2.2-1509, including any amendments to a general appropriation act pursuant to such section.
"Nonrecurring expenditures" means the acquisition or construction of capital outlay projects as defined in § 2.2-1518, the acquisition or construction of capital improvements, the acquisition of land, the acquisition of equipment, or other expenditures of a one-time nature as specified in the general appropriation act.
B. At the end of each fiscal year, the Comptroller shall assign within his annual report pursuant to § 2.2-813 as follows: 67 percent of the remaining amount of the general fund balance that is not otherwise restricted, committed, or assigned for other usage within the general fund shall be assigned by the Comptroller for deposit into the Transportation Trust Fund established pursuant to § 33.2-1524 or a subfund thereof, and the remaining amount shall be assigned for nonrecurring expenditures. No such assignment shall be made unless the full amounts required for other restrictions, commitments, or assignments including but not limited to (i) the Revenue Stabilization Fund deposit pursuant to § 2.2-1829, (ii) the Virginia Water Quality Improvement Fund deposit pursuant to § 10.1-2128, but excluding any deposits provided under the Virginia Natural Resources Commitment Fund established under § 10.1-2128.1, (iii) capital outlay reappropriations pursuant to the general appropriation act, (iv)(a) operating expense reappropriations pursuant to the general appropriation act, and (b) reappropriations of unexpended appropriations to certain public institutions of higher education pursuant to § 23.1-1002, (v) pro rata rebate payments to certain public institutions of higher education pursuant to § 23.1-1002, (vi) the unappropriated balance anticipated in the general appropriation act for the end of such fiscal year, and (vii) interest payments on deposits of certain public institutions of higher education pursuant to § 23.1-1002 are set aside, and (viii) the Revenue Reserve Fund deposit pursuant to § 2.2-1831.3 has been committed on the Comptroller's annual report. The Comptroller shall set aside amounts required for clauses (iv)(b), (v), and (vii) beginning with the initial fiscal year as determined under § 23.1-1002 and for all fiscal years thereafter.
C. The Governor shall include in "The Budget Bill" pursuant to § 2.2-1509 recommended appropriations from the general fund or recommended amendments to general fund appropriations in the general appropriation act in effect at that time an amount for deposit into the Transportation Trust Fund or a subfund thereof, and an amount for nonrecurring expenditures equal to the amounts assigned by the Comptroller for such purposes pursuant to the provisions of subsection B. Such deposit to the Transportation Trust Fund or a subfund thereof shall not preclude the appropriation of additional amounts from the general fund for transportation purposes.
§ 2.2-1514. (Contingent effective date -- see Editor's notes) Assignment of general fund for nonrecurring expenditures.
A. As used in this section:
"The Budget Bill" means "The Budget Bill" submitted pursuant to § 2.2-1509, including any amendments to a general appropriation act pursuant to such section.
"Nonrecurring expenditures" means the acquisition or construction of capital outlay projects as defined in § 2.2-1518, the acquisition or construction of capital improvements, the acquisition of land, the acquisition of equipment, or other expenditures of a one-time nature as specified in the general appropriation act.
B. At the end of each fiscal year, the Comptroller shall assign within his annual report pursuant to § 2.2-813 as follows: 67 percent of the remaining amount of the general fund balance that is not otherwise restricted, committed, or assigned for other usage within the general fund shall be assigned by the Comptroller for deposit into the Transportation Trust Fund established pursuant to § 33.2-1524 or a subfund thereof, and the remaining amount shall be assigned for nonrecurring expenditures. No such assignment shall be made unless the full amounts required for other restrictions, commitments, or assignments including but not limited to (i) the Revenue Stabilization Fund deposit pursuant to § 2.2-1829, (ii) the Virginia Water Quality Improvement Fund deposit pursuant to § 10.1-2128, but excluding any deposits provided under the Virginia Natural Resources Commitment Fund established under § 10.1-2128.1, (iii) capital outlay reappropriations pursuant to the general appropriation act, (iv) (a) operating expense reappropriations pursuant to the general appropriation act, and (b) reappropriations of unexpended appropriations to certain public institutions of higher education pursuant to § 23.1-1002, (v) pro rata rebate payments to certain public institutions of higher education pursuant to § 23.1-1002, (vi) the unappropriated balance anticipated in the general appropriation act for the end of such fiscal year, and (vii) interest payments on deposits of certain public institutions of higher education pursuant to § 23.1-1002 are set aside, and (viii) the Revenue Reserve Fund deposit pursuant to § 2.2-1831.3 has been committed on the Comptroller's annual report. The Comptroller shall set aside amounts required for clauses (iv) (b), (v), and (vii) beginning with the initial fiscal year as determined under § 23.1-1002 and for all fiscal years thereafter.
C. The Governor shall include in "The Budget Bill" pursuant to § 2.2-1509 recommended appropriations from the general fund or recommended amendments to general fund appropriations in the general appropriation act in effect at that time an amount for deposit into the Transportation Trust Fund or a subfund thereof, and an amount for nonrecurring expenditures equal to the amount assigned by the Comptroller for such purpose pursuant to the provisions of subsection B. Such deposit to the Transportation Trust Fund or a subfund thereof shall not preclude the appropriation of additional amounts from the general fund for transportation purposes.
Article 4.1
Revenue Reserve Fund.
§ 2.2-1831.1. Definitions.
As used is this article unless the context requires a different meaning:
“Budget Bill” means the Budget Bill submitted pursuant to §2.2-1509, including any amendments to a general appropriation act pursuant to such section.
“Fund” means the Revenue Reserve Fund.
§ 2.2-1831.2. Creation of Revenue Reserve Fund.
A.There is hereby created in the state treasury a special nonreverting fund to be known as the Revenue Reserve Fund. The Fund shall be established on the books of the Comptroller. All funds appropriated for such purpose and any gifts, donations, grants, bequests, and other funds received on its behalf shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund, except that any amounts accrued to the credit of the Fund, in excess of the limit set forth in subsection B, shall be paid into the general fund. Moneys in the Fund shall be used to offset, in whole or in part, certain anticipated shortfalls in revenues when appropriations based on previous revenue forecasts exceed expected revenues in subsequent forecasts, as provided in § 2.2-1831.4.
B. In no event shall the total amount in the Fund at any time exceed two percent of the total general fund revenues for the prior fiscal year.
§ 2.2-1831.3. Commitment of funds for Revenue Reserve Fund.
A. On or before November 1 of each year, the Auditor of Public Accounts shall report to the General Assembly the total general fund revenues collected in the most recently ended fiscal year. At the same time, the Auditor of Public Accounts shall report on the amount that could be paid into the Fund pursuant to subsection B., and the amount that the existing Fund balance is below the maximum amount permitted.
B. At the end of a fiscal year, the Comptroller shall include within his annual report pursuant to § 2.2-813 full amounts required for restrictions, commitments, or assignments for (i) the mandatory Revenue Stabilization Fund deposit pursuant to § 2.2-1829, (ii) the Virginia Water Quality Improvement Fund deposit pursuant to § 10.1-2128, but excluding any deposits provided under the Virginia Natural Resources Commitment Fund established under § 10.1-2128.1, (iii) capital outlay reappropriations pursuant to the general appropriation act, (iv) (a) operating expense reappropriations pursuant to the general appropriation act, and (b) reappropriations of unexpended appropriations to certain public institutions of higher education pursuant to § 23.1-1002, (v) pro rata rebate payments to certain public institutions of higher education pursuant to § 23.1-1002, (vi) the unappropriated balance anticipated in the general appropriation act for the end of such fiscal year, (vii) interest payments on deposits of certain public institutions of higher education pursuant to § 23.1-1002 , and (viii) any amounts that normally would be committed or assigned pursuant to GASB standards. The Comptroller shall commit the remaining general fund balance, up to a maximum of one percent of total general fund revenues for the prior fiscal year, for deposit into the Revenue Reserve Fund.
C. The Governor shall include in the Budget Bill, pursuant to §2.2-1509, recommended appropriations from the general fund or recommended amendments to the general fund appropriations in the general appropriations act in effect at that time, an amount for deposit into the Fund at least equal to the amounts committed by the Comptroller for such purpose pursuant to the provisions of subsection B. A schedule of deposits may be provided in the appropriation act. The General Assembly shall, in its discretion, appropriate any amount deemed appropriate to the Fund from the amount committed by the Comptroller, and may appropriate any other amounts to the Fund that it deems necessary.
D. The State Comptroller shall draw such warrants as appropriated, and the State Treasurer shall deposit such warrants into the Fund. No withdrawal shall be made from the Fund except in accordance with §2.2-1831.4.
E. For the purposes of the Comptroller's preliminary and final annual reports as required by § 2.2-813, all balances remaining in the Fund on June 30 of each year, shall be considered to be a portion of the fund balance of the general fund of the state treasury.
§ 2.2-1831.4. Transfers and Appropriations from the Fund.
A. In the event that a revised general fund forecast presented to the General Assembly reflects a decline, when compared with total general fund revenues appropriated, and the decline is two percent or less of general fund revenues collected in the most recently ended fiscal year, the General Assembly may appropriate an amount for transfer from the Fund, not to exceed 50 percent of the amount in the Fund, to the general fund to stabilize general fund revenues.
B. If the revised general fund forecast is presented when the General Assembly is not in session, the Governor shall manage the projected shortfall through spending limits pursuant to § 4-1.02 of the appropriation act related to Withholding of Appropriation Authority. If in any fiscal year, after review of the May general fund revenue collections, the Governor certifies to the General Assembly that actions taken to curtail spending will not be sufficient to avoid a cash deficit, the Governor may appropriate amounts in the Fund to avoid such cash deficit, not to exceed 50 percent of the amount in the Fund.
§ 2.2-1831.5. Sources or components of general fund revenues.
Any revised general fund revenue forecast presented to the General Assembly for purposes of this article shall consist of the same revenue sources or components as those on which the total general fund revenues appropriated are based.
3. That the provisions of the first enactment of this act shall expire at midnight on June 30, 2020. The provisions of the second enactment shall have no expiration date."