Virginia § 2.2-1831.4 Decline in forecasted revenues

Virginia Statutes

§ 2.2-1831.4 — Decline in forecasted revenues

Virginia § 2.2-1831.4

JurisdictionVirginia

Title 2.2Administration of Government

Subtitle IOrganization of State Government

Ch. 18Department of the Treasury

Art. 4.1Revenue Reserve Fund

Part CState Agencies Related to the General Operation of Government

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Bluebook

Va. Code Ann. § 2.2-1831.4 (2026).

Text

In the event that a revised general fund forecast presented to the General Assembly reflects a decline when compared with total general fund revenues appropriated, and the decrease is two percent or less of general fund resources collected in the most recently ended fiscal year, the General Assembly may appropriate an amount for transfer from the Fund, not to exceed 50 percent of the amount in the Fund, to the general fund to stabilize the revenues of the Commonwealth.

When the General Assembly is not in session, after review of the May general fund revenue collections and certification to the General Assembly that actions to curtail spending will not be sufficient to avoid a cash deficit, the Governor may withdraw amounts appropriated to the Fund to avoid such cash deficit.

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In the event that a revised general fund forecast presented to the General Assembly reflects a decline when compared with total general fund revenues appropriated, and the decrease is two percent or less of general fund resources collected in the most recently ended fiscal year, the General Assembly may appropriate an amount for transfer from the Fund, not to exceed 50 percent of the amount in the Fund, to the general fund to stabilize the revenues of the Commonwealth.

When the General Assembly is not in session, after review of the May general fund revenue collections and certification to the General Assembly that actions to curtail spending will not be sufficient to avoid a cash deficit, the Governor may withdraw amounts appropriated to the Fund to avoid such cash deficit.