                                 CODE OF VIRGINIA

COMMITMENT OF FUNDS FOR REVENUE RESERVE FUND (§ 2.2-1831.3)

A. On or before November 1 of each year, the Auditor of Public Accounts shall
report to the General Assembly the total general fund revenues collected in the
most recently ended fiscal year. The Auditor of Public Accounts shall, at the
same time, provide his report on the amount that could be paid into the Fund and
the amount by which the amount in the Fund is less than the maximum amount
permitted.

B. Whenever there is a fiscal year in which general fund revenues do not result
in a mandatory deposit to the Revenue Stabilization Fund required by Article X,
&#xA7; 8 of the Constitution of Virginia, the Comptroller shall, at the end of
the fiscal year, commit within his annual report pursuant to &#xA7; 2.2-813 the
amount of the general fund revenue in excess of the official forecast for that
prior fiscal year, less any deposit to the Virginia Water Quality Improvement
Fund pursuant to subsection A of &#xA7; 10.1-2128, for deposit into the Fund.
Such amount committed for deposit into the Fund shall not exceed one percent of
the total general fund revenues for the prior fiscal year.

C. The Governor shall include in &#8220;The Budget Bill&#8221; pursuant to
&#xA7; 2.2-1509 recommended appropriations from the general fund or recommended
amendments to general fund appropriations in the general appropriation act in
effect at that time an amount for deposit into the Fund at least equal to the
amounts committed by the Comptroller and confirmed by the Auditor of Public
Accounts for such purposes pursuant to the provisions of subsection B. A
schedule of deposits may be provided in the appropriation act.

D. The State Comptroller shall draw such warrants as appropriated, and the State
Treasurer shall deposit such warrants into the Fund. No withdrawal shall be made
from the Fund except in accordance with &#xA7; 2.2-1831.4.

E. 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. 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 F, any excess shall be paid into the general fund either
from the Fund or from the Revenue Stabilization Fund created pursuant to &#xA7;
2.2-1828.

F. The combined amount in the Fund and the Revenue Stabilization Fund created
pursuant to &#xA7; 2.2-1828 shall not exceed 15 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. However, the 15 percent maximum may be
exceeded if the balance of the Fund does not exceed 10 percent of such revenues.

HISTORY: 2018, c. 827; 2019, c. 347; 2025, c. 635.