Revenue reserves & budgetary amendments; commitment of funds for Revenue Reserve Fund. (SB699)

Introduced By

Sen. Louise Lucas (D-Portsmouth)

Progress

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

Description

Revenue reserves and budgetary amendments. Provides that if the Governor in the Budget Bill recommends a transfer of funds in the Revenue Reserve Fund in excess of the statutory 15 percent combined balance limit, then the corresponding purpose and proposed use of such transferred funds shall be included within the corresponding budget items. The bill also directs that if the Revenue Stabilization Fund and Revenue Reserve Fund are in excess of the statutory 15 percent combined balance limit, the State Comptroller shall transfer such excess amounts to the general fund and present such amounts as an assigned fund balance for nonrecurring expenditures on the Comptroller's preliminary annual report and if such a transfer is required, but the Revenue Stabilization Fund is not in excess of its Constitutional 15 percent balance limit, the amounts required to be transferred shall first be deposited into the Revenue Stabilization Fund instead of the general fund. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/19/2024Presented and ordered printed 24102559D
01/19/2024Referred to Committee on Finance and Appropriations
01/23/2024Impact statement from DPB (SB699)
02/12/2024Reported from Finance and Appropriations with substitute (15-Y 0-N) (see vote tally)
02/12/2024Committee substitute printed 24107600D-S1
02/12/2024Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/13/2024Impact statement from DPB (SB699S1)
02/13/2024Read second time
02/13/2024Reading of substitute waived
02/13/2024Committee substitute agreed to 24107600D-S1
02/13/2024Engrossed by Senate - committee substitute SB699S1
02/13/2024Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/13/2024Passed Senate (40-Y 0-N) (see vote tally)
02/16/2024Assigned App. sub: General Government and Capital Outlay
02/16/2024Placed on Calendar
02/16/2024Read first time
02/16/2024Referred to Committee on Appropriations
02/21/2024Reported from Appropriations with substitute (22-Y 0-N) (see vote tally)
02/21/2024Committee substitute printed 24108084D-H1
02/23/2024Read second time
02/26/2024Impact statement from DPB (SB699H1)
02/26/2024Read third time
02/26/2024Committee substitute agreed to 24108084D-H1
02/26/2024Engrossed by House - committee substitute SB699H1
02/26/2024Passed House with substitute BLOCK VOTE (96-Y 0-N)
02/26/2024VOTE: Block Vote Passage (96-Y 0-N) (see vote tally)
02/28/2024House substitute rejected by Senate (0-Y 39-N) (see vote tally)
02/29/2024House insisted on substitute
02/29/2024House requested conference committee
03/04/2024Senate acceded to request (38-Y 0-N)
03/04/2024Conferees appointed by Senate
03/04/2024Senators: Lucas, Locke, McDougle
03/05/2024Conferees appointed by House
03/05/2024Delegates: Torian, Carr, Austin
03/09/2024No further action taken
03/09/2024Failed to pass in Senate

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