Secretary of Finance (190)

Authority: Title 2.2, Chapter 2, Article 5; §2.2-201, Code of Virginia.

A. The Secretary of Finance, in consultation with other affected secretaries, is hereby authorized to order the State Comptroller to transfer to the general fund a reasonable sum, as determined by the State Comptroller, from annual charges of internal service funds and enterprise funds that exceed the cost of providing services or that represent over-recoveries from the general fund.

B. Following every General Assembly session, the financial plan in place required by § 2.2-1503.1, Code of Virginia, shall be updated to reflect policy changes or budget actions adopted by the General Assembly that would alter financial assumptions included in the plan.  The revised financial plan shall be posted on the Department of Planning and Budget website no later than September 1 of each year.

C.1. The Secretary of Finance and the Secretary of Administration shall convene a work-group to consist of representatives from the Department of Accounts, the Department of General Services, and the Department of the Treasury to study options for improving the Commonwealth’s current method of collecting and maintaining state property data. The study shall include, but not be limited to, options for consolidating state property databases, designating the appropriate agency to maintain and administer the property database, and identifying the costs associated with administering and maintaining the property database.

2. The Department of the Treasury may use up to $30,000 the first year from the State Insurance Reserve Trust Fund for third party costs associated with paragraph C.1.

3. The work-group shall report its preliminary findings and recommendations to the Governor, Chairmen of the House Appropriations and Senate Finance Committees, and Director, Department of Planning and Budget no later than October 1, 2014, with a final report due no later than June 30, 2015.