Department of Accounts Transfer Payments (162)
256. | Revenue Stabilization Fund (73500) | 0 | 114,000,000
| | | |
| | Payments to the Revenue Stabilization Fund (73501) | 0 | 114,000,000
| | | |
| Fund Sources: | General | 0 | 114,000,000
|
Authority: Title 2.2,
Chapter 18, Article 4, Code of Virginia.
A. On or before November 1 of each year,
the Auditor of Public Accounts shall report to the General Assembly the
certified tax revenues collected in the most recently ended fiscal year.
The Auditor shall, at the same time, provide his report on the 10 percent
limitation and the amount that could be paid into the Fund in order to satisfy
the mandatory deposit requirement of Article X, Section 8 of the Constitution
of Virginia as well as the additional deposit requirement of § 2.2-1829, Code
of Virginia.
B. Out of the appropriation in the
second year, $114,000,000 shall be reserved by the State Comptroller on June
30, 2012, as a reserve for any potential deposit required to be made to the
Revenue Stabilization Fund attributable for tax collections for fiscal year
2011, pursuant to § 2.2-1829, Code of Virginia. This appropriation is
subject to the following conditions: 1) if the Auditor of Public Accounts’
certification of the required deposit attributable to actual tax collections
for fiscal year 2011 exceeds the amount included in this item, the incremental
amount required to meet the actual required deposit as certified by the Auditor
of Public Accounts shall be deposited into the Revenue Stabilization Fund on or
before June 30, 2013; or 2) in the event the Auditor of Public Accounts’
certification of the required deposit attributable to actual tax collections
for fiscal year 2011 is less than the amount included in this item, any amount
in excess of the amount needed to meet the actual required deposit shall remain
in the general fund and not be deposited to the Revenue Stabilization Fund.
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