2022 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Hodges
PDC Revolving Loan Fund

Item 115 #3h

Item 115 #3h

First Year - FY2023 Second Year - FY2024
Commerce and Trade
Department of Housing and Community Development FY2023 $0 FY2024 $5,000,000 GF

Page 97, line 53, strike "$129,460,442" and insert "$134,460,442".

Page 103, after line 4, insert:

"T. Out of this appropriation, $5,000,000 in the second year from the general fund is provided for a revolving loan fund established for the purposes of making short-term loans to any planning district commission created pursuant to the Regional Cooperation Act. Loans for the purposes of this fund will be used to provide short-term cash flow necessary for state and federal grants that require expenditure of funds prior to requesting reimbursement by the planning district commission. This amount shall be used solely for purposes of the fund. Interest earned on the moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. The Authority may disburse from the Fund its reasonable costs and expenses incurred in the administration and management of the Fund and a reasonable fee to be approved by the Board for its management services."


(This amendment provides $5 million in the second year from the general fund to establish a revolving loan fund for Virginia's planning district commissions for operating expenses.)