2020 Special Session I

Budget Amendments - HB5005 (Committee Approved)

View Budget Item
View Budget Item amendments

Strike Proposed Set Aside for Estimated FY 2024 RDF Deposit

Item 274 #1h

Item 274 #1h

First Year - FY2021 Second Year - FY2022
Department of Accounts Transfer Payments FY2021 $0 FY2022 ($89,027,631) GF

Page 99, line 15, strike "$89,027,631" and insert "$0".

Page 99, strike lines 34 through 39.


(This amendment eliminates $89.0 million from the general fund included in the introduced budget in fiscal year 2022 for the estimated required fiscal year 2024 deposit into the Rainy Day Fund. The deposit, which will be calculated based on fiscal year 2022 actual revenues, is not made until fiscal year 2024. The $89.0 million funding is being redirected to a companion amendment which deposits $150 million into the Revenue Reserve Fund in fiscal year 2021 to increase the Commonwealth's cash balances and ensure greater financial flexibility. Language included in Item 275 allows for the transfer of amounts from the Revenue Reserve Fund to the RDF if required to meet any Constitutionally-mandated deposit.)