General fund; assignment of year-end surplus. (SB220)

Introduced By

Sen. Dick Black (R-Leesburg)

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 of any general fund balance remaining after funds are set aside for required deposits to the Revenue Stabilization Fund, 50 percent would be assigned for deposit into the Transportation Trust Fund. 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
01/10/2012Prefiled and ordered printed; offered 01/11/12 12102342D
01/10/2012Referred to Committee on Finance
01/24/2012Impact statement from DPB (SB220)
02/08/2012Continued to 2013 in Finance (15-Y 0-N) (see vote tally)
11/30/2012Left in Finance