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2016 Session

Budget Bill - SB30 (Introduced)

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Department of the Treasury

Item 278

Item 278

First Year - FY2017Second Year - FY2018
Investment, Trust, and Insurance Services (72500)$9,306,466$8,000,732
Debt Management (72501)FY2017 $1,093,034FY2018 $1,093,034
Insurance Services (72502)FY2017 $3,591,210FY2018 $2,459,400
Banking and Investment Services (72503)FY2017 $4,622,222FY2018 $4,448,298
Fund Sources: 
GeneralFY2017 $5,295,481FY2018 $3,989,704
Commonwealth TransportationFY2017 $185,187FY2018 $185,187
Trust and AgencyFY2017 $3,825,798FY2018 $3,825,841

Authority: Title 2.2, Chapter 18, Code of Virginia.


A. The Department of the Treasury shall take into account the claims experience of each agency and institution when setting premiums for the general liability program.


B. Coverage provided by the VARISK plan for constitutional officers shall be extended to any action filed against a constitutional officer or appointee of a constitutional officer before the Equal Employment Opportunity Commission or the Virginia State Bar.


C. Notwithstanding the provisions of § 33.2-1919 and § 33.2-1927, Code of Virginia, the Northern Virginia Transportation Commission and the Potomac Rappahannock Transportation Commission are authorized to obtain liability policies for the Commissions' joint project, the Virginia Railway Express, consisting of liability insurance and a program of self-insurance maintained by the Commissions and administered by the Department of the Treasury's Division of Risk Management or by an independent third party selected by the Commissions, which liability policies shall be deemed to meet the requirements of § 8.01-195.3, Code of Virginia. In addition, the Director of the Department of Rail and Public Transportation is authorized to work with the Northern Virginia Transportation Commission and the Potomac Rappahannock Transportation Commission to obtain the foregoing liability policies for the Commissions. In obtaining liability policies, the Director of the Department of Rail and Public Transportation shall advise the Commissions regarding compliance with all applicable public procurement and administrative guidelines.


D. By January 15 of each year the Department of the Treasury shall report to the chairmen of the House Appropriations and Senate Finance Committees, in a unified report mutually agreeable to them, summarizing changes in required debt service payments from the general fund as the result of any refinancing, refunding, or issuance actions taken or expected to be taken by the Commonwealth within the next twelve months.


E. The Virginia Public School Authority shall transfer to the Department of the Treasury each year an amount necessary to recover the direct cost incurred by the department in the administration of the Virginia Public School Authority programs.


F. Notwithstanding § 2.2-1836 of the Code of Virginia, the Department of the Treasury is authorized to initiate data breach coverage under the Property Plan for state agencies on a pilot basis beginning on July 1, 2016. On or before October 15, 2017, the Department of the Treasury shall provide a report to the Secretary of Finance summarizing the program, loss experiences, and recommendations regarding the continuation of the program.


G. The Department of the Treasury shall provide to the State Compensation Board the premiums, by local constitutional office and individual regional jail, required to fund the Constitutional Officer and Regional Jail Fund of the State Insurance Reserve Trust Fund. The premiums provided to the Department of the Treasury by the actuary shall be calculated using factors such claims experience by local constitutional office and individual regional jail, each local constitutional office and individual regional jail's total number of positions, and local and regional jail average daily populations.


H. Out of the amounts for this Item shall be paid $1,131,853 in the first year for the relief of Michael Kenneth McAlister, as provided for and contingent upon the passage of the appropriate relief bill of the 2016 Acts of General Assembly.