2020 Special Session I

Budget Amendments - HB5005 (Committee Approved)

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Deposit First Year Funding in Revenue Reserve

Item 275 #1h

Item 275 #1h

First Year - FY2021 Second Year - FY2022
Department of Accounts Transfer Payments FY2021 $150,000,000 FY2022 $0 GF

Page 99, line 40, strike "$0" and insert "$150,000,000".

Page 99, after line 40, insert:

"Notwithstanding any contrary provision of law, there is hereby appropriated in this item $150,000,000 from the general fund the first year and $300,000,000 from the general fund the second year to the Revenue Reserve established pursuant to § 2.2-1831.2, Code of Virginia, to mitigate any potential revenue or transfer shortfalls that may arise during the biennium.  Notwithstanding any contrary provision of law, these amounts may be transferred to the Revenue Stabilization Fund to meet any Constitutionally-mandated deposit required based on revenue growth in either year of the fiscal year 2020-2022 biennium."


(This amendment provides a $150 million deposit in the Revenue Reserve Fund in fiscal year 2021 to increase the Commonwealth's cash balances to provide increased financial flexibility to safeguard against any additional revenue decreases.)