12102342D
SENATE BILL NO. 220
Offered January 11, 2012
Prefiled January 10, 2012
A BILL to amend and reenact §2.2-1514 of the Code of
Virginia, as it is currently effective, relating to the assignment of the general
fund balance remaining at the end of a fiscal year.
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Patron-- Black
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Referred to Committee on Finance
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Be it enacted by the General Assembly of Virginia:
1. That §2.2-1514 of the Code of Virginia, as it is
currently effective, is amended and reenacted as follows:
§2.2-1514. (Contingent expiration date - see Editor's notes)
Assignment of general fund for nonrecurring expenditures.
A. As used in this section:
"The Budget Bill" means the "The Budget
Bill" submitted pursuant to §2.2-1509, including any amendments to a
general appropriation act pursuant to such section.
"Nonrecurring expenditures" means the acquisition or
construction of capital outlay projects as defined in §2.2-1518, the
acquisition or construction of capital improvements, the acquisition of land,
the acquisition of equipment, or other expenditures of a one-time nature as
specified in the general appropriation act. Such term shall not include any
expenditures relating to transportation, including but not limited to
transportation maintenance.
B. At the end of each fiscal year, the Comptroller shall
assign within his annual report pursuant to §2.2-813 as follows: one-third of the remaining amount of the general
fund balance that is not otherwise restricted, committed, or assigned for other
usage within the general fund shall be assigned by the Comptroller for
nonrecurring expenditures, and two-thirds shall be assigned for deposit into
the Transportation Trust Fund the remaining amount of the general fund balance first
as provided in this subsection and then as provided in subsection C for
nonrecurring expenditures and other items. No such assignment shall be made unless the full amounts required for other restrictions, commitments, or assignments including
but not limited to (i) Such
general fund balance shall first be assigned by the
Comptroller for payment of the full amount
required for the Revenue Stabilization Fund deposit
pursuant to §2.2-1829, (ii) the Virginia
Water Quality Improvement Fund deposit pursuant to §10.1-2128, but excluding
any deposits provided under the Virginia Natural Resources Commitment Fund
established under §10.1-2128.1, (iii) capital outlay reappropriations pursuant
to the general appropriation act, (iv) (a) operating expense reappropriations
pursuant to the general appropriation act, and (b) reappropriations of
unexpended appropriations to certain public institutions of higher education
pursuant to §2.2-5005, (v) pro rata rebate payments to certain public
institutions of higher education pursuant to §2.2-5005, (vi) the
unappropriated balance anticipated in the general appropriation act for the end
of such fiscal year, and (vii) interest payments on deposits of certain public
institutions of higher education pursuant to §2.2-5005
are set aside. The Comptroller shall set
aside amounts required for clauses (iv) (b), (v), and (vii) beginning with the
initial fiscal year as determined under §2.2-5005 and for all fiscal years
thereafter. If a
general fund balance remains after the
Comptroller's assignment for the
deposit to the Revenue Stabilization Fund, 50 percent of the remainder shall
be assigned by the Comptroller for
deposit into the Transportation Trust Fund established under §
33.1-23.03:1.
C. If a
general fund balance remains after the requirements of subsection B have been
met, the remainder shall be set
aside for the full amounts
required for (i) the Virginia Water Quality Improvement Fund deposit pursuant
to §10.1-2128, but excluding any deposits provided under the Virginia Natural
Resources Commitment Fund established under §10.1-2128.1; (ii) capital outlay
reappropriations pursuant to the general appropriation act; (iii) (a) operating
expense reappropriations pursuant to the general appropriation act and (b)
reappropriations of unexpended appropriations to certain public institutions of
higher education pursuant to §2.2-5005; (iv) pro rata rebate payments to
certain public institutions of higher education pursuant to §2.2-5005; (v) the
unappropriated balance anticipated in the general appropriation act for the end
of such fiscal year; and (vi) interest payments on deposits of certain public
institutions of higher education pursuant to §2.2-5005. The Comptroller shall set
aside amounts required for
clauses (iii) (b), (iv), and (vi) beginning with the initial fiscal year as
determined under §2.2-5005 and for all fiscal years thereafter. If a
general fund balance remains after the set-asides
required under
this subsection have been made in full, the
remainder shall be assigned by the Comptroller for nonrecurring expenditures.
CD. The Governor shall include
in "The Budget Bill" pursuant to §2.2-1509 recommended
appropriations from the general fund or recommended amendments to general fund
appropriations in the general appropriation act in effect at that time an amount for nonrecurring
expenditures and an amount that
fully reflect the assignments pursuant to the
provisions of subsections B and C for
the deposit into the
Transportation Trust Fund equal to the amounts assigned
by the Comptroller for such purposes pursuant to the provisions of subsection B and nonrecurring
expenditures. Such Any deposit
to the Transportation Trust Fund pursuant
to this section shall not
preclude the appropriation of additional amounts from the general fund for
transportation purposes.
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