Year-end surplus of general fund balance; changes priority of assignment. (SB1283)

Introduced By

Sen. Jeff McWaters (R-Virginia Beach)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Assignment of year-end surplus.  Changes the priority for assigning any year-end surplus by requiring that any general fund balance remaining after funds are set aside for required deposits to the Revenue Stabilization Fund would be assigned as follows: 50 percent for deposit into the Transportation Trust Fund and 50 percent for the payment of certain deferred retirement contributions described under paragraph I 5 of Item 469 of Chapter 874 of the Acts of Assembly of 2010 until such deferred retirement contributions have been paid in full. 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. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/12/2011Prefiled and ordered printed; offered 01/12/11 11100530D
01/12/2011Referred to Committee on Finance
01/28/2011Impact statement from DPB (SB1283)
02/01/2011Stricken at request of Patron in Finance (14-Y 0-N) (see vote tally)