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2001 SESSION
HB 2870 University of Virginia Medical Center interest income.
Introduced by: Paul Clinton Harris, Sr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
University of Virginia Medical Center interest income. Requires the Comptroller to credit the account of the University of Virginia Medical Center each month with the imputed interest earned on the investment of moneys derived from nongeneral operating cash balances, including but not limited to, balances derived from patient care revenues. The University of Virginia Medical Center may use the imputed interest earned on the investment of moneys derived from nongeneral operating cash balances, including but not limited to, balances derived from patient care revenues, to match federal Medicaid payments for indigent or low-income patients.
SUMMARY AS INTRODUCED:
University of Virginia Medical Center interest income. Requires the Comptroller to credit the account of the University of Virginia Medical Center each month with the imputed interest earned on the investment of moneys derived from nongeneral operating cash balances, including but not limited to, balances derived from patient care revenues. To phase in the cost to the Commonwealth of crediting imputed interest earned on the investment of moneys derived from nongeneral operating cash balances and patient care revenues, the University of Virginia Medical Center is required to make the following deposits into the general fund from interest income earned on such nongeneral operating cash balances, as follows: $4,400,000 on or before June 30, 2002; $2,200,000 on or before June 30, 2003; and $1,100,000 on or before June 30, 2004.