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2007 SESSION
073489260Be it enacted by the General Assembly of Virginia:
1. That § 2.2-1514 of the Code of Virginia is amended and reenacted as follows:
§ 2.2-1514. Designation 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 § 2.2-1503.2, 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
designate within his annual report pursuant to § 2.2-813 an amount for
nonrecurring expenditures, which shall equal the remaining amount of the
general fund balance that is not otherwise reserved or designated. as
follows: one-half of the remaining amount of the general fund balance that is
not otherwise reserved or designated shall be designated by the Comptroller for
nonrecurring expenditures, and one-half shall be designated for deposit into
the Transportation Trust Fund. No such designation shall be made unless the
full amounts required for other reserves or designations including, but not
limited to, (i) the Revenue Stabilization Fund deposit pursuant to § 2.2-1829,
(ii) the Virginia Water Quality Improvement Fund deposit pursuant to §
10.1-2128, (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.
C. 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 for deposit into the Transportation Trust Fund equal
to the amount amounts designated by the Comptroller for such
purpose purposes pursuant to the provisions of subsection B of
this section.