§ 2.2-1829. Reports of Auditor of Public Accounts; Fund deposits andwithdrawals.
A. On or before December 1 of each year, the Auditor of Public Accounts shallreport to the General Assembly the certified tax revenues collected in themost recently ended fiscal year. The Auditor shall, at the same time, (i)provide his report on the 10 percent limitation and the amount that could bepaid into the Fund and (ii) the amount necessary for deposit for the nextfiscal year into the Fund in order to satisfy the mandatory depositrequirement of Article X, Section 8 of the Constitution of Virginia. TheGovernor shall include any such amount in his budget bill submitted to theGeneral Assembly pursuant to § 2.2-1509. A schedule of deposits may beprovided for in the Appropriation Act.
B. If the report of the Auditor of Public Accounts, pursuant to subsection A,indicates that the annual percentage increase in the certified tax revenuescollected in the most recently ended fiscal year is eight percent or greaterthan the certified tax revenues collected for the immediately precedingfiscal year and that such annual percentage increase in the certified taxrevenues for the most recently ended fiscal year is also equal to or greaterthan 1.5 times the average annual percentage increase in the certified taxrevenues collected in the six fiscal years immediately preceding the mostrecently ended fiscal year, the Governor shall include in his budgetrecommendations, submitted to the General Assembly in the subsequent sessionpursuant to § 2.2-1509, an additional amount for deposit to the Fund inexcess of any mandatory deposit to the Fund required by Article X, Section 8of the Constitution of Virginia. Such additional amount shall be equal to atleast 25 percent of the product of the certified tax revenues collected inthe most recently ended fiscal year multiplied by the difference between theannual percentage increase in the certified tax revenues collected for themost recently ended fiscal year and the average annual percentage increase inthe certified tax revenues collected in the six fiscal years immediatelypreceding the most recently ended fiscal year. Any such additional depositsto the Fund shall be included in the Governor's budget recommendationssubmitted to the General Assembly in the subsequent session pursuant to §2.2-1509 only if the estimate of general fund revenues prepared in accordancewith § 2.2-1503 for the fiscal year in which the deposit is to be made is atleast five percent greater than the actual general fund revenues for theimmediately preceding fiscal year.
C. The State Comptroller shall draw such warrants as appropriated and theState Treasurer shall deposit such warrants into the Fund. No amounts shallbe withdrawn from the Fund except pursuant to appropriations made by theGeneral Assembly in accordance with § 2.2-1830. However, if any amountsaccrue, such as through interest or dividends, to the credit of the Fund inexcess of the 10 percent limitation calculated by the Auditor of PublicAccounts, any excess shall be paid into the general fund pursuant to ArticleX, Section 8 of the Constitution of Virginia.
D. For the purposes of the Comptroller's preliminary and final annual reportsas required by § 2.2-813, all balances remaining in the Fund on June 30 ofeach fiscal year shall be considered to be a portion of the fund balance ofthe general fund of the state treasury.
(1992, c. 316, § 2.1-191.2; 1993, c. 26; 2001, c. 844; 2003, cc. 755, 759.)
§ 2.2-1829. Reports of Auditor of Public Accounts; Fund deposits andwithdrawals.
A. On or before December 1 of each year, the Auditor of Public Accounts shallreport to the General Assembly the certified tax revenues collected in themost recently ended fiscal year. The Auditor shall, at the same time, (i)provide his report on the 10 percent limitation and the amount that could bepaid into the Fund and (ii) the amount necessary for deposit for the nextfiscal year into the Fund in order to satisfy the mandatory depositrequirement of Article X, Section 8 of the Constitution of Virginia. TheGovernor shall include any such amount in his budget bill submitted to theGeneral Assembly pursuant to § 2.2-1509. A schedule of deposits may beprovided for in the Appropriation Act.
B. If the report of the Auditor of Public Accounts, pursuant to subsection A,indicates that the annual percentage increase in the certified tax revenuescollected in the most recently ended fiscal year is eight percent or greaterthan the certified tax revenues collected for the immediately precedingfiscal year and that such annual percentage increase in the certified taxrevenues for the most recently ended fiscal year is also equal to or greaterthan 1.5 times the average annual percentage increase in the certified taxrevenues collected in the six fiscal years immediately preceding the mostrecently ended fiscal year, the Governor shall include in his budgetrecommendations, submitted to the General Assembly in the subsequent sessionpursuant to § 2.2-1509, an additional amount for deposit to the Fund inexcess of any mandatory deposit to the Fund required by Article X, Section 8of the Constitution of Virginia. Such additional amount shall be equal to atleast 25 percent of the product of the certified tax revenues collected inthe most recently ended fiscal year multiplied by the difference between theannual percentage increase in the certified tax revenues collected for themost recently ended fiscal year and the average annual percentage increase inthe certified tax revenues collected in the six fiscal years immediatelypreceding the most recently ended fiscal year. Any such additional depositsto the Fund shall be included in the Governor's budget recommendationssubmitted to the General Assembly in the subsequent session pursuant to §2.2-1509 only if the estimate of general fund revenues prepared in accordancewith § 2.2-1503 for the fiscal year in which the deposit is to be made is atleast five percent greater than the actual general fund revenues for theimmediately preceding fiscal year.
C. The State Comptroller shall draw such warrants as appropriated and theState Treasurer shall deposit such warrants into the Fund. No amounts shallbe withdrawn from the Fund except pursuant to appropriations made by theGeneral Assembly in accordance with § 2.2-1830. However, if any amountsaccrue, such as through interest or dividends, to the credit of the Fund inexcess of the 10 percent limitation calculated by the Auditor of PublicAccounts, any excess shall be paid into the general fund pursuant to ArticleX, Section 8 of the Constitution of Virginia.
D. For the purposes of the Comptroller's preliminary and final annual reportsas required by § 2.2-813, all balances remaining in the Fund on June 30 ofeach fiscal year shall be considered to be a portion of the fund balance ofthe general fund of the state treasury.
(1992, c. 316, § 2.1-191.2; 1993, c. 26; 2001, c. 844; 2003, cc. 755, 759.)
§ 2.2-1829. Reports of Auditor of Public Accounts; Fund deposits andwithdrawals.
A. On or before December 1 of each year, the Auditor of Public Accounts shallreport to the General Assembly the certified tax revenues collected in themost recently ended fiscal year. The Auditor shall, at the same time, (i)provide his report on the 10 percent limitation and the amount that could bepaid into the Fund and (ii) the amount necessary for deposit for the nextfiscal year into the Fund in order to satisfy the mandatory depositrequirement of Article X, Section 8 of the Constitution of Virginia. TheGovernor shall include any such amount in his budget bill submitted to theGeneral Assembly pursuant to § 2.2-1509. A schedule of deposits may beprovided for in the Appropriation Act.
B. If the report of the Auditor of Public Accounts, pursuant to subsection A,indicates that the annual percentage increase in the certified tax revenuescollected in the most recently ended fiscal year is eight percent or greaterthan the certified tax revenues collected for the immediately precedingfiscal year and that such annual percentage increase in the certified taxrevenues for the most recently ended fiscal year is also equal to or greaterthan 1.5 times the average annual percentage increase in the certified taxrevenues collected in the six fiscal years immediately preceding the mostrecently ended fiscal year, the Governor shall include in his budgetrecommendations, submitted to the General Assembly in the subsequent sessionpursuant to § 2.2-1509, an additional amount for deposit to the Fund inexcess of any mandatory deposit to the Fund required by Article X, Section 8of the Constitution of Virginia. Such additional amount shall be equal to atleast 25 percent of the product of the certified tax revenues collected inthe most recently ended fiscal year multiplied by the difference between theannual percentage increase in the certified tax revenues collected for themost recently ended fiscal year and the average annual percentage increase inthe certified tax revenues collected in the six fiscal years immediatelypreceding the most recently ended fiscal year. Any such additional depositsto the Fund shall be included in the Governor's budget recommendationssubmitted to the General Assembly in the subsequent session pursuant to §2.2-1509 only if the estimate of general fund revenues prepared in accordancewith § 2.2-1503 for the fiscal year in which the deposit is to be made is atleast five percent greater than the actual general fund revenues for theimmediately preceding fiscal year.
C. The State Comptroller shall draw such warrants as appropriated and theState Treasurer shall deposit such warrants into the Fund. No amounts shallbe withdrawn from the Fund except pursuant to appropriations made by theGeneral Assembly in accordance with § 2.2-1830. However, if any amountsaccrue, such as through interest or dividends, to the credit of the Fund inexcess of the 10 percent limitation calculated by the Auditor of PublicAccounts, any excess shall be paid into the general fund pursuant to ArticleX, Section 8 of the Constitution of Virginia.
D. For the purposes of the Comptroller's preliminary and final annual reportsas required by § 2.2-813, all balances remaining in the Fund on June 30 ofeach fiscal year shall be considered to be a portion of the fund balance ofthe general fund of the state treasury.
(1992, c. 316, § 2.1-191.2; 1993, c. 26; 2001, c. 844; 2003, cc. 755, 759.)
