Appropriate Rainy Day Deposit Based 2022 Revenues

Item 274 #1h

Language
Page 101, line 6, strike "$0" and insert "$498,700,000".

Page 101, strike line 6 and insert:

"Authority: Title 2.2, Chapter 18, Article 4, Code of Virginia.

A. On or before November 1 of each year, the Auditor of Public Accounts shall report to the General Assembly the certified tax revenues collected in the most recently ended fiscal year. The auditor shall, at the same time, provide his report on the 15 percent limitation and the amount that could be paid into the fund in order to satisfy the mandatory deposit requirement of Article X, Section 8 of the Constitution of Virginia as well as the additional deposit requirement of § 2.2-1829, Code of Virginia.

B. Out of this appropriation, $77,409,780 the first year from the general fund attributable to actual tax collections for fiscal year 2019 shall be paid by the State Comptroller on or before June 30, 2021, into the Revenue Stabilization Fund pursuant to § 2.2-1829, Code of Virginia. This amount is based on the certification of the Auditor of Public Accounts of actual tax revenues for fiscal year 2019. This appropriation meets the mandatory deposit requirement of Article X, Section 8 of the Constitution of Virginia.

C1. Out of this appropriation, $498,700,000 from the general fund the second year is included as an advance reservation of any required deposit to the Revenue Stabilization Fund attributable to actual tax collections for fiscal year 2022, as determined by the Auditor of Public Accounts, for deposit to the Revenue Stabilization Fund in the 2022-2024 biennium.

2. The State Comptroller shall deposit the advance reservation of $498,700,000 referenced in paragraph C.1., above, to the Revenue Reserve Fund as a reserve for the Revenue Stabilization Fund prior to June 30, 2022."