2024 Session

Budget Amendments - HB30 (Conference Report)

View Budget Item
View Budget Item amendments

Revenue Reserve Fund Transfers (language only)

Item 3-1.01 #4c

Item 3-1.01 #4c

Interfund Transfers


Page 568, after line 48, insert:

"3. Notwithstanding any provision of law or J.1. or J.2. of this item, the State Comptroller shall transfer to the general fund $405,044,432 the first year and $400,000,000 the second year from the Revenue Reserve Fund. Notwithstanding the provisions of subsection E of § 2.2-1829 and subsection F of § 2.2-1831.3, Code of Virginia, the combined amount in the Revenue Stabilization Fund and the Revenue Reserve Fund shall not exceed 16.5 percent the first year and 15.5 percent the second year of the Commonwealth's average annual tax revenues derived from taxes on income and retail sales, as certified by the Auditor of Public Accounts for the three fiscal years immediately preceding."


(This amendment directs the transfer of $405.0 million the first year and $400.0 million the second year from the Revenue Reserve Fund to the general fund. It also increases the combined balance limit from 15 percent established in the Code of Virginia to 16.5 percent in fiscal year 2025 and 15.5 percent in fiscal year 2026.)