                                 CODE OF VIRGINIA

REPORTS OF AUDITOR OF PUBLIC ACCOUNTS; FUND DEPOSITS AND WITHDRAWALS (§
2.2-1829)

A. On or before December 1 of each year, the Auditor of Public Accounts shall
report to the General Assembly the certified tax revenues collected in the most
recently ended fiscal year. The Auditor shall, at the same time, provide his
report on (i) the limitation on the total amount in the Fund; (ii) the amount
that could be paid into the Fund; and (iii) the amount necessary for deposit for
the next fiscal year into the Fund in order to satisfy the mandatory deposit
requirement of Article X, &#xA7; 8 of the Constitution of Virginia. The Governor
shall include any such amount in his budget bill submitted to the General
Assembly pursuant to &#xA7; 2.2-1509. A schedule of deposits may be provided for
in the appropriation act.

B. The State Comptroller shall draw such warrants as appropriated and the State
Treasurer shall deposit such warrants into the Fund. No amounts shall be
withdrawn from the Fund except pursuant to appropriations made by the General
Assembly in accordance with &#xA7; 2.2-1830. However, if any amounts accrue,
such as through interest or dividends, to the credit of the Fund in excess of
the limitation calculated by the Auditor of Public Accounts as provided in
subsection D, any excess shall be paid into the general fund either from the
Fund or from the Revenue Reserve Fund created pursuant to &#xA7; 2.2-1831.2.

C. For the purposes of the Comptroller&#8217;s preliminary and final annual
reports as required by &#xA7; 2.2-813, all balances remaining in the Fund on
June 30 of each fiscal year shall be considered to be a portion of the fund
balance of the general fund of the state treasury.

D. The combined amount in the Fund and the Revenue Reserve Fund shall not exceed
20 percent of the Commonwealth&#8217;s average annual tax revenues derived from
taxes on income and retail sales as certified by the Auditor of Public Accounts
for the three fiscal years immediately preceding.

HISTORY: 1992, c. 316, § 2.1-191.2; 1993, c. 26; 2001, c. 844; 2003, cc. 755,
759; 2011, c. 725; 2019, c. 347; 2025, c. 635.