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2019 Session

Budget Bill - HB1700 (Chapter 854)

Department of Accounts Transfer Payments

Item 265

Item 265

First Year - FY2019Second Year - FY2020
Revenue Stabilization Fund (73500)$0$360,458,731
Payments to the Revenue Stabilization Fund (73501)FY2019 $0FY2020 $360,458,731
Fund Sources: 
GeneralFY2019 $0FY2020 $360,458,731

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, $262,941,731 the second year from the general fund attributable to actual tax collections for fiscal year 2018 shall be paid by the State Comptroller on or before June 30, 2020, 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 2018. This appropriation meets the mandatory deposit requirement of Article X, Section 8 of the Constitution of Virginia.


C. Out of this appropriation, $97,517,000 the second year from the general fund shall be paid by the State Comptroller on or before June 30, 2020, into the Revenue Stabilization Fund pursuant to § 2.2-1829, Code of Virginia. This amount represents an estimate of the required deposit to the Revenue Stabilization Fund attributable to tax collections for fiscal year 2020, which the Auditor of Public Accounts shall determine for the year ending June 30, 2020.