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2018 Session

Budget Amendments - SB30 (Floor Approved)

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Revenue Reserve Fund

Item 266 #1h

Item 266 #1h

First Year - FY2019 Second Year - FY2020
Finance
Department of Accounts Transfer Payments FY2019 ($4,500,000) FY2020 ($175,200,000) GF

Language
Page 217, line 33, strike "$50,000,000" and insert "$45,500,000".
Page 217, line 33, strike "$220,700,000" and insert "$45,500,000".

Page 217, strike lines 37 through 52 and insert:

"A.  There is hereby appropriated in this item $45,500,000 from the general fund the first year and $45,500,000 from the general fund the second year to the Revenue Cash Reserve established pursuant to House Bill 673, 2018 Session of the General Assembly, to mitigate any potential revenue or transfer shortfalls that may arise during the biennium.  These amounts represent the first two of six installments to the Fund, which in combination with amounts deposited to the Fund in fiscal year 2018, shall result in a Fund balance equivalent to two percent of general fund revenues available for appropriation by the close of fiscal year 2024.

B.1. Notwithstanding the provisions of § 2.2-1831.2, Code of Virginia, the Auditor of Public Accounts shall not be required to make a calculation at the close of fiscal year 2018 nor shall the Comptroller be required to commit any additional amounts to the Fund from any excess general fund resources based on fiscal year 2018 collections.  

2.  Any calculation made pursuant to the provisions of § 2.2-1831.2, Code of Virginia, by the Auditor of Public Accounts based on general fund resources collected in fiscal year 2019 shall be committed for deposit into the Fund established pursuant to § 2.2-1831.2, Code of Virginia, in fiscal year 2021.  Such mandatory deposit shall be limited to one-fourth of the remaining amount required to achieve a Fund balance equivalent to two percent of general fund revenues available for appropriation by the close of fiscal year 2024.

C. Any amounts appropriated in this item that are unexpended on June 30, 2019, or June 30, 2020, shall be reappropriated in the next fiscal year to this reserve to be used for the same purposes identified in this item."

Page 218, strike lines 1 through 25.




Explanation

(This amendment sets out the language governing the deposits to and calculations for the Revenue Reserve Fund. It also reduces the deposit proposed in House Bill 30 as introduced to reflect the provisions of House Bill 763, 2018 Session of the General Assembly, which establishes in Code the secondary Revenue Reserve Fund and commits to phase in over six years a reserve equal to 2% of general fund revenues.)