Virginia Senate Bill 1053 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 11 2011 - 25% progression, died in committee
Action: 2011-02-08 - Senate: Left in Finance
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Introduced) [HTML]

Assignment of general fund balance remaining at year-end. Changes current law for the assignment of any year-end general fund surplus to provide that the surplus shall be used (i) first, for the Revenue Stabilization Fund deposit, and (ii) then, the scheduled repayment of deferred contributions to defined benefit retirement plans maintained by the Virginia Retirement System for state employees. The Governor would then be required to include in his budget bill proposed appropriations from the general fund surplus for the funding of the Revenue Stabilization Fund and the repayment of such deferred contributions. No other assignment of the general fund surplus could be made unless the total amounts for clauses (i) and (ii) have been set aside from such surplus. Current law does not provide for any assignment of the general fund surplus for funding of the repayment of deferred contributions to defined benefit retirement plans of the Virginia Retirement System. However, the current general appropriation act includes a requirement for the Governor to propose appropriations for the repayment of contributions to the Virginia Retirement System that are being deferred for the 2010-2012 biennium.

General fund balance; assignment of year-end general fund surplus.

Sen. George Barker [D]

Date	Chamber	Action
2011-02-08		Senate: Left in Finance
2011-01-11		Senate: Referred to Committee on Finance
2011-01-11		Senate: Prefiled and ordered printed; offered 01/12/11 11103913D

Chapter	Article	Section	Citation Type	Statute Text
2	2	1514	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?111+sum+SB1053
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?111+ful+SB1053+hil