2019 Session

Budget Amendments - HB1700 (Conference Report)

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Revenue Reserve Fund

Item 266 #1c

Item 266 #1c

First Year - FY2019 Second Year - FY2020
Department of Accounts Transfer Payments FY2019 ($442,070,000) FY2020 $127,283,000 GF

Page 269, line 41, strike "$784,797,895" and insert "$342,727,895".
Page 269, line 41, strike "$95,500,000" and insert "$222,783,000".

Page 269, line 48, strike "$784,797,895" and insert "$342,727,895".

Page 269, line 49, strike $95,500,000" and insert "$222,783,000".

Page 270, strike lines 1 through 14 and insert:

"2. The Department of Taxation shall certify the revenues generated pursuant to subdivision B.5. of § 58.1-301, Code of Virginia.  An amount equal to such revenue shall be deposited into the Revenue Reserve Fund and, notwithstanding the provisions of § 2.2-1831.4, Code of Virginia, if appropriated, may be used to effectuate future tax reform options for the citizens of the Commonwealth in accordance with the fifth enactment of Chapters 17 and 18, 2019 Session of the General Assembly.  Nothing in this item shall be construed to require the appropriation of such funds prior to the use of other funds in the Revenue Reserve Fund pursuant to § 2.2-1831.4, Code of Virginia."


(This amendment makes additional deposits to the Revenue Reserve Fund. When added to existing balances in the Fund, by the end of fiscal year 2020, there will be $812.9 million in the Fund. In addition, there will be $643.7 million in the Rainy Day Fund, bringing the total reserves to $1.46 billion.)