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2013 SESSION

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SB 220 General fund; assignment of year-end surplus.

Introduced by: Richard H. Black | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Assignment of year-end surplus.  Changes the priority for assigning any year-end surplus by requiring that of any general fund balance remaining after funds are set aside for required deposits to the Revenue Stabilization Fund, 50 percent would be assigned for deposit into the Transportation Trust Fund. If any surplus remains after such assignments, the remainder would be assigned to the Virginia Water Quality Improvement Fund and other commitments, including commitments to certain public institutions of higher education.

Under current law, any year-end surplus is first assigned for deposit to the Revenue Stabilization Fund, the Virginia Water Quality Improvement Fund, and other commitments, including commitments to certain public institutions of higher education. If any surplus remains after such assignments, the remainder is assigned two-thirds for deposit into the Transportation Trust Fund and one-third for funding nonrecurring expenditures.


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