Central Appropriations (995)
465. | Higher Education Academic, Fiscal, and Facility Planning and Coordination (11100) | 4,151,989 | 4,805,566
| | | 6,594,798 | 6,605,006
| | | |
| | Interest Earned on Educational and General Programs Revenue (11106) | 4,151,989 | 4,805,566
| | | 6,594,798 | 6,605,006
| | | |
| Fund Sources: | General | 3,233,293 | 3,886,870
| | | 5,676,102 | 5,676,102
| | Higher Education Operating | 918,696 | 918,696
| | | | 928,904
|
Authority: Discretionary Inclusion.
A. The standards upon which the public institutions of higher
education are deemed certified to receive the payment of interest earnings from
the tuition and fees and other nongeneral fund Educational and General revenues
shall be based upon the standards provided in § 4-9.02 of this act, as approved
by the General Assembly.
B. The estimated interest earnings and other revenues shall be
distributed to those specific public institutions of higher education that have
been certified by the State Council of Higher Education for Virginia as having
met the standards provided in § 4-9.02 of this act, based on the distribution
methodology developed pursuant to Chapter 933, Enactment 2, Acts of Assembly of
2005 and reported to the Chairmen of the House Appropriations Committee and
Senate Finance Committee.
C. In accordance with § 2.2-5004 and 2.2-5005, Code of Virginia,
this Item provides $1,855,729 $4,425,332 the first year and $2,474,306
$4,425,332 the second year from the general fund, and $918,696 the first
year and $918,696 $928,904 the second year from nongeneral
funds, for the estimated payments to individual institutions of
higher education for interest earned on tuition and fees and other nongeneral
fund Education and General Revenues deposited to the state treasury. Upon
certification by the State Council of Higher Education for Virginia that
all available performance benchmarks have been successfully achieved by the
individual institutions of higher education, the Director, Department of
Planning and Budget, shall transfer the appropriation in this Item for such
estimated interest earnings to the general fund appropriation of each
institution’s Educational and General program.
D. This Item also includes $1,377,564 $1,250,770 the
first year and $1,412,564 $1,250,770 the second year from the
general fund for the payment to individual institutions of higher education of
a pro rata amount of the rebate paid to the Commonwealth on credit card
purchases not exceeding $5,000 during the previous fiscal year. The State
Comptroller shall determine the amount owed to each certified institution, net
of any payments due to the federal government, using a methodology that equates
a pro rata share based upon the total transactions of $5,000 or less made by
the institution using the state-approved credit card in comparison to all
transactions of $5,000 or less using said approved credit card. By October 15,
or as soon thereafter as deemed appropriate, following the year of
certification, the State Comptroller shall reimburse each institution its estimated
pro rata share.
E. Once actual financial data from the year of certification are
available, the State Comptroller and the Director, Department of Planning and
Budget, shall compare the actual data with estimates used to determine the
distribution of the interest earnings, nongeneral fund Educational and General
revenues, and the pro rata amounts to the certified institutions of higher
education. In those cases where variances exist, the Governor shall include in
his next introduced budget bill recommended appropriations to make whatever
adjustments to each institution’s distributed amount to ensure that each
institution’s incentive payments are accurate based on actual financial data.
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