General fund balance; assignment of year-end general fund surplus. (SB1053)

Introduced By

Sen. George Barker (D-Alexandria)

Description

Assignment of general fund balance remaining at year-end. Changes current law for the assignment of any year-end general fund surplus to provide that the surplus shall be used (i) first, for the Revenue Stabilization Fund deposit, and (ii) then, the scheduled repayment of deferred contributions to defined benefit retirement plans maintained by the Virginia Retirement System for state employees. The Governor would then be required to include in his budget bill proposed appropriations from the general fund surplus for the funding of the Revenue Stabilization Fund and the repayment of such deferred contributions. No other assignment of the general fund surplus could be made unless the total amounts for clauses (i) and (ii) have been set aside from such surplus.

Current law does not provide for any assignment of the general fund surplus for funding of the repayment of deferred contributions to defined benefit retirement plans of the Virginia Retirement System. However, the current general appropriation act includes a requirement for the Governor to propose appropriations for the repayment of contributions to the Virginia Retirement System that are being deferred for the 2010-2012 biennium. Read the Bill »

Outcome

History