Assistant: LW
HB ORG HFIN ABST Dl HOUSE COMMITTEE
ON FINANCE ABSTRACT
HOUSE BILL
(General
Revenue
Surplus)
Sponsors:
Attorney:
McO
Date:
February
Title:
OK
Fiscal
Note:
/ Assistant: xx, 2018
No
Code:
§11B-2-20
Purpose:
(amend)
Thebillwouldmodifythedispositionofsurplusesthataccrueatthe
end of each fiscal year by allocating Insurance disposition Public million, below again
from
Agency
Financial
of any surplus
Employees however,
be appropriated
Fund
Date:
the allocation
resume
to the Rainy
FY2018
until
If the balance
Financial Stability be suspended until will
Employees the
of the
Fund reaches $75 the balance drops until
that balance
is
Day A Fund is reduced
to 40%.
Employees
Insurance
by the Legislature
Regular
with
at the end of FY2027.
only
Agency
Financial
for the purposes
premiums, to help reduce benefit cuts, to help reduce combination thereof." WVC §11B-2-32. Effective
to the Public
beginning
time the allocation
period,
50% of any surplus The Public
Stability made
atwhich
this 10-year
Note:
20% of any surplus
Insurance Agency the allocation will
$75 million, achieved.
During
LW
Stability
Fund "shall
of lowering
premium
increases
retiree or any
HB ORG
GR SURPLUS
DI
WEST
VIRGINIA 2018
LEGISLATURE
REGULAR
SESSION
Originating
House
Bill
DRAFT
BY ENTER SPONSORS HERE
[Originating
in the Committee Reported
on February
on F::'-);.
i:,'
xx, 2018]
::';J;F"-;
HB ORG
1 2
to allocating
3
Employees
2. ST ATE
ARTICLE
and
Fund
according
3
The Governor
4
the Legislature
a reduction
may, in lieu of imposing
may reduce
appropriations of this article.
and twenty-two
by
an appropriation
request
in appropriations,
in this section.
Fund established
Reserve
Shortfall
from the Revenue
the Governor twenty-one
in sections
set forth
to any of the methods
2
of this section,
of surplus.
allocation
therefrom;
expenditures
Reserve
Shortfall
Revenue
of Governor;
powers
any provision
(a) Notwithstanding
1
Fund.
Virginja:
of appropriations;
permissible
Public
OFFICE.
BUDGET
Reduction
§11B-2-20.
of West
by the Legislature
Be it enacted
Stability
Financial
Agency
Insurance
year to the
after a fiscal
accruing
revenue
of any general
a portion
relating
as amended,
1931,
of the Code of West Virginia,
§1 1 B-2-20
and reenact
A BILL to amend
(b) 131 The Revenue ShortFall Reserve Fund is continued within the State Treasury. The
5
Shortfall
6
Revenue
7
accordance
8
total appropriations
9
Revenue
Reserve
Shortfall
from
Reserve
if any, in the State
10
revenues,
11
time to time.
as set forth
Revenue,
General
Fund,
for the fiscal
Revenue,
be funded
shall
Fund
General
Fund,
the State
thirteen
in this
as the surplus
subsection
revenues
of the
percent ended.
year just
in
basis
on a revolving
not to exceed
amount
up to an aggregate
with this subsection
and
continuously
be funded
shall
Fund
The
surplus
from
may accrue
from
121 Within sixty days of the end of each fiscal year, the secretary shall cause to be
12
into the Revenue
Shortfall
Fund
to have
accrued
deposited
14
surplus
15
be necessary
16
the total appropriations
from the State
17
at the end of any fiscal
year the Revenue
18
to or exceeding
19
just ended,
revenues,
if any, determined
to bring the balance
then
thirteen there
percent shall
such
Reserve
13
of the Revenue Fund,
of the state's
be no further
General
Shortfall
1
the fiscal Reserve
Revenue,
Reserve
General
deposit
during
Shortfall
of the first fifty
amount
year just
for the fiscal
under
or all
as may
percent
of
year just ended. at an amount
Fund budget
by the secretary
ended,
Fund to thirteen
Fund is funded
Revenue
percent
for the fiscal
the provisions
If
equa year of this
HB ORG
20
section of any surplus
21
ReserveFundbalanceislessthanthirteenpercentofthetotalappropriationsfromtheStateFund,
22
General
23
revenues
as set forth in this subsection
until that time the Revenue
Shortfall
Revenue. (3) Notwithstandinq
any other provision
of this subsection
to the contrary, within sixty days
24
of the end of the fiscal year endinq June 30, 2018, and within sixty days of the end of each fiscal
25
year thereafter
26
be deposited
27
§1 1 B-2-32 of this code such amount
28
determined
29
balance
30
the end of any fiscal
year the Public
31
funded
at an amount
equal to or exceedinq
32
therein
by the secretary
33
forth in this subdivision until that time the Public Employees Insurance Agenjinancial
34
Fund balance
35
Insurance
Aqency
36
deposited
into the Revenue
37
surplus
38
be necessary
39
the total appropriations from the State Fund, General Revenue, for the fisq.41year just ended. If
40
at the end of any fiscal year the Revenue
41
to or exceedinq
42
just ended,
43
sectionofanysurplusrevenuesassetforthinthissubsectionuntilthattimetheRevenueShortfall
44
Reserve Fund balance
to and including
the fiscal year ending June 30 2027, the secrehal0
into the Public Employees
to have accrued
of the Public
Employees
Financial
thirteen
Agency
Employees
$75 million. Stability
percent
percent
Financial
Stabilit.tablished
of all surplus
Insurance
Stability Aqency
of this subdivision
After
Reserve
any deposit
revenu.ps,
of the Revenue
then there shall be no further
is less than thirteen
if
Funmillion.
If at
Finan cialStabimy
Fund is
Shortfall
Reserve
General
deposit
is made to the Public the secretary
as set
Stability 5mployees
shall cause to be
of the next forty percent
Reserve
of all
as may
Fund to thirteen
percent
Fund is funded at an amqunt
Revenue
Fund budqqr
by the secretary
from the State
of
equal
the fiscal
under the provisions
percent of the total appropriations 2
deposit
durinq the fiscal yeaende.d,
Shortfall
any,
to. bring the
of any sur@yenpes
Fund such amount
to have accrued
of the state's
in
$75 million, then there shall be no further
Fund under this subdivision,
Shortfall
to brinq the balance
Financial
the fiscal year just ended as may be necessary
Insurance
if any, determined
Aqency
of the first twenty
under the provisions
is less than
revenues,
durinq
Insurance
cause to
year
of this
Furld,
HB ORG
45
General Revenue.
46
after the secretary
47
year ending June 30 2027
48
The provisions administers
of this subdivision the provisions
(c) Not earlier than November
shall terminate
of this subdivision
1 of each calendar
following
are such as to otherwise
50
section
51
notify the presiding
52
convene
53
Virginia for the purpose
54
requestasupplementaryappropriationbillatthenextprecedingregularsessionoftheLegislature
55
todrawmoneyfromthesurplusRevenueShortfallReserveFundtomeetanyanticipatedrevenue
56
shortfall.IftheLegislaturefailstoenactasupplementaryappropriationfromtheRevenueShortfall
57
ReserveFundduringanyspeciallegislativesessioncalledforthepurposessetforthinthissection
58
or during the next preceding
59
with a reduction
60
Should any amount drawn from the Revenue
61
made by the Legislature
62
may also proceed
63
two oF this article.
64
(d) Upon
twenty-one officers
the Legislature
66
revenue
67
solely by the Legislature.
article
of the Legislature,
Shortfall
to address
of appropriations
Shortfall
the
Reserve
pursuant
Legislature
Reserve
the Governor
Fund pursuant shortfall,
to sections
Fund for revenue
to
of West bill or to
may proceed of this article.
to an appropriation then the Governor
twenty-one
is authorized
and twenty-
and may
shortfalls,
make
an
for emergency
or for other fiscal needs as determined
may, by executive 3
appropriation
and twenty-two
any anticipated
may
of his or her intention
then the Governor
31 in any fiscal year in which revenues
of the state's obligations,
under this
Vl of the Constitution
twenty-one
by acts of God or natural disasters
(e) Prior to October
in writing
of a supplementary
to sections
of the fund,
from the Revenue
needs caused
payments
session
pursuant
with a reduction
nineteen,
the introduction
prove insufficient
appropriation
69
regular
creation
of the Legislature
to section
of requesting
65
68
pursuant
to reduce appropriations
of this article, then in that event the Governor
of both houses
of appropriations
the
of the Governor
or twenty-two
the end of the fiscal
year, if the state's fiscal circumstances
49
or section
trigger the authority
and be of no force and effect
are inadequate
to make timely
order, after first notifying the
HB ORG
70
presiding
officers
of both houses
of the Legislature
71
Shortfall
Reserve
Fund: Provided,
That for the fiscal year 2014, pursuant
72
subject to all other conditions,
73
may borrow funds from the Revenue
74
amount of funds borrowed
75
general revenue
76
the
77
whichever
78
interest,
79
of their withdrawal.
Governor
80
estimate
Shortfall
is necessary
and redeposited
borrowed
Shortfall
pursuant
to this subsection
Virginia Tobacco
Settlement
83
eleven-a,
four of this code, repayments
84
Settlement
Medical
85
provisions
of article
86
earned on the moneys
87
Shortfall
88
(d) of this section,
Trust
chapter
in the Revenue
thirty-three Shortfall
in the Revenue
earned
may be expended
9'l
Shortfall
92
except that the interest
Reserve
Fund described
(2) Notwithstanding
obligations
be repaid,
without
Fund within ninety days
within the State Treasury.
of moneys transferred to the provisions
from the West
of section two, article
Company
of this code and all interest
Tobacco
pursuant
to the
and other
return
Fund - Part B. Moneys
solely for the purposes
Reserve
in the Revenue
set forth in subsection
Fund - Part B nor any interest
for any purpose
in subsection
as provided
shall
of the
or the amount
of the state's
Reserve
Mcitual Insurance
Reserve
Shortfall
or other return earned
Part B may be expended
percent
conditions:
(1) No moneys thereon
the Governor
made of the loan from the West Virginia
Fund to the Physician's
subject to the following
return
94
Fund - Part B shall consist
Fund - Part B may be expended
90
Shortfall
Medical Trust Fund pursuant
twenty-f,
payment
Fund - Part B is continued
82
93
Reserve
Reserve
and
Fund prior to the first day of April. The
timely
The Revenue
89
set Forth in this section,
to make
81
Reserve
to this subsection
shall not exceed one and one-half
to the credit of the Revenue
(f) The Revenue
chapter
Reserve
borrow funds from the Revenue
for the fiscal year in which the funds are to be borrowed,
Any funds
Shortfall
and limitations
under this subsection
determines
is less.
requirements
in writing,
(b) of this section
on moneys
in subdivision
any other provision
unless
all moneys
in the Revenue
have first been expended,
in the Revenue
Shortfall
Reserve
Fund
(2) of this subsection
of this section to the contrary, 4
or other
the Legislature
may
HB ORG
95
appropriate
96
Revenue
97
set forth in section
only in instances
100 101
Shortfall
and other return earned thereon
Reserve
(g)
three, article eleven-a,
shortfalls
Reserve
or fiscal emergencies
of an extraordinary
in subsection
(f) of this section,
in appropriating
of this section,
103
Shortfall
104
but not exceeding,
105
for the fiscal year just ended.
Fund and the Revenue
(h) (1 ) Of the moneys
Shortfall
Reserve
of the total appropriations
in the Revenue
Shortfall moneys
as necessary
Shortfall
subsection
109
Investments
110
article six-c, chapter
111
shallbemadeavailabletotheWestVirginialnvestmentManagementBoardformanagementand
112
investment
113
code. Any balance
114
return earned thereon
115
remain in the Revenue
117
available
118
the moneys
119
balance
and investment
in accordance
to the West
of the moneys
Reserve
to the West Virginia in accordance
or the Revenue
Reserve
of article
Fund, including
Fund for the purposes
in the Revenue Investment
Shortfall
Management
with the provisions Shortfall
Reserve
Revenue,
Board of Treasury
Shortfall
six, chapter accrued
Reserve
of
of
Reserve Fund
twelve of this
interest
and other
Fund but shall
set forth in this section. Fund - Part B shall be made
Board for management
of article six, chapter
Fund - Part B, including 5
up to,
with the provisions
in accordance
in the Revenue
with the provisions
Shortfall
Virginia
at the end of any fiscal year, does not revert to the General Shortfall
to the
of the Budget Office for the purposes
twelve of this code. All other moneys
(2) All of the moneys
116
by the Director
shall be made available
of the Revenue
Fund
Reserve Fund, $100 million, or such greater
108
of the moneys
pursuant
from the State Fund, General
amount as may be certified
for management
Reserve
Fund - Part B a total amount
107
(e) of this section,
nature.
may in any fiscal year appropriate from the Revenue
the Legislature
ten percent
for the purposes
Fund - Part B shall be made
from the Revenue
provisions
106
Shortfall
upon expenditures
102
in the
four of this code; and
to the conditions
Part B prescribed
Reserve
chapter
made from Revenue
of revenue
Subject
that may accrue on the moneys
Fund - Part B after June 30, 2025, for expenditure
(3) Any appropriation
98 99
any interest
twelve accrued
and investment
of
of this code. Any interest
and other
HB ORG
'l 20
return earned thereon at the end of any fiscal year, shall not revert to the General Fund but shall
121
remain in the Revenue Shortfall Reserve Fund - Part B for the purposes set forth in this
section.
ON FINANCE ABSTRACT
HOUSE BILL
(General
Revenue
Surplus)
Sponsors:
Attorney:
McO
Date:
February
Title:
OK
Fiscal
Note:
/ Assistant: xx, 2018
No
Code:
§11B-2-20
Purpose:
(amend)
Thebillwouldmodifythedispositionofsurplusesthataccrueatthe
end of each fiscal year by allocating Insurance disposition Public million, below again
from
Agency
Financial
of any surplus
Employees however,
be appropriated
Fund
Date:
the allocation
resume
to the Rainy
FY2018
until
If the balance
Financial Stability be suspended until will
Employees the
of the
Fund reaches $75 the balance drops until
that balance
is
Day A Fund is reduced
to 40%.
Employees
Insurance
by the Legislature
Regular
with
at the end of FY2027.
only
Agency
Financial
for the purposes
premiums, to help reduce benefit cuts, to help reduce combination thereof." WVC §11B-2-32. Effective
to the Public
beginning
time the allocation
period,
50% of any surplus The Public
Stability made
atwhich
this 10-year
Note:
20% of any surplus
Insurance Agency the allocation will
$75 million, achieved.
During
LW
Stability
Fund "shall
of lowering
premium
increases
retiree or any
HB ORG
GR SURPLUS
DI
WEST
VIRGINIA 2018
LEGISLATURE
REGULAR
SESSION
Originating
House
Bill
DRAFT
BY ENTER SPONSORS HERE
[Originating
in the Committee Reported
on February
on F::'-);.
i:,'
xx, 2018]
::';J;F"-;
HB ORG
1 2
to allocating
3
Employees
2. ST ATE
ARTICLE
and
Fund
according
3
The Governor
4
the Legislature
a reduction
may, in lieu of imposing
may reduce
appropriations of this article.
and twenty-two
by
an appropriation
request
in appropriations,
in this section.
Fund established
Reserve
Shortfall
from the Revenue
the Governor twenty-one
in sections
set forth
to any of the methods
2
of this section,
of surplus.
allocation
therefrom;
expenditures
Reserve
Shortfall
Revenue
of Governor;
powers
any provision
(a) Notwithstanding
1
Fund.
Virginja:
of appropriations;
permissible
Public
OFFICE.
BUDGET
Reduction
§11B-2-20.
of West
by the Legislature
Be it enacted
Stability
Financial
Agency
Insurance
year to the
after a fiscal
accruing
revenue
of any general
a portion
relating
as amended,
1931,
of the Code of West Virginia,
§1 1 B-2-20
and reenact
A BILL to amend
(b) 131 The Revenue ShortFall Reserve Fund is continued within the State Treasury. The
5
Shortfall
6
Revenue
7
accordance
8
total appropriations
9
Revenue
Reserve
Shortfall
from
Reserve
if any, in the State
10
revenues,
11
time to time.
as set forth
Revenue,
General
Fund,
for the fiscal
Revenue,
be funded
shall
Fund
General
Fund,
the State
thirteen
in this
as the surplus
subsection
revenues
of the
percent ended.
year just
in
basis
on a revolving
not to exceed
amount
up to an aggregate
with this subsection
and
continuously
be funded
shall
Fund
The
surplus
from
may accrue
from
121 Within sixty days of the end of each fiscal year, the secretary shall cause to be
12
into the Revenue
Shortfall
Fund
to have
accrued
deposited
14
surplus
15
be necessary
16
the total appropriations
from the State
17
at the end of any fiscal
year the Revenue
18
to or exceeding
19
just ended,
revenues,
if any, determined
to bring the balance
then
thirteen there
percent shall
such
Reserve
13
of the Revenue Fund,
of the state's
be no further
General
Shortfall
1
the fiscal Reserve
Revenue,
Reserve
General
deposit
during
Shortfall
of the first fifty
amount
year just
for the fiscal
under
or all
as may
percent
of
year just ended. at an amount
Fund budget
by the secretary
ended,
Fund to thirteen
Fund is funded
Revenue
percent
for the fiscal
the provisions
If
equa year of this
HB ORG
20
section of any surplus
21
ReserveFundbalanceislessthanthirteenpercentofthetotalappropriationsfromtheStateFund,
22
General
23
revenues
as set forth in this subsection
until that time the Revenue
Shortfall
Revenue. (3) Notwithstandinq
any other provision
of this subsection
to the contrary, within sixty days
24
of the end of the fiscal year endinq June 30, 2018, and within sixty days of the end of each fiscal
25
year thereafter
26
be deposited
27
§1 1 B-2-32 of this code such amount
28
determined
29
balance
30
the end of any fiscal
year the Public
31
funded
at an amount
equal to or exceedinq
32
therein
by the secretary
33
forth in this subdivision until that time the Public Employees Insurance Agenjinancial
34
Fund balance
35
Insurance
Aqency
36
deposited
into the Revenue
37
surplus
38
be necessary
39
the total appropriations from the State Fund, General Revenue, for the fisq.41year just ended. If
40
at the end of any fiscal year the Revenue
41
to or exceedinq
42
just ended,
43
sectionofanysurplusrevenuesassetforthinthissubsectionuntilthattimetheRevenueShortfall
44
Reserve Fund balance
to and including
the fiscal year ending June 30 2027, the secrehal0
into the Public Employees
to have accrued
of the Public
Employees
Financial
thirteen
Agency
Employees
$75 million. Stability
percent
percent
Financial
Stabilit.tablished
of all surplus
Insurance
Stability Aqency
of this subdivision
After
Reserve
any deposit
revenu.ps,
of the Revenue
then there shall be no further
is less than thirteen
if
Funmillion.
If at
Finan cialStabimy
Fund is
Shortfall
Reserve
General
deposit
is made to the Public the secretary
as set
Stability 5mployees
shall cause to be
of the next forty percent
Reserve
of all
as may
Fund to thirteen
percent
Fund is funded at an amqunt
Revenue
Fund budqqr
by the secretary
from the State
of
equal
the fiscal
under the provisions
percent of the total appropriations 2
deposit
durinq the fiscal yeaende.d,
Shortfall
any,
to. bring the
of any sur@yenpes
Fund such amount
to have accrued
of the state's
in
$75 million, then there shall be no further
Fund under this subdivision,
Shortfall
to brinq the balance
Financial
the fiscal year just ended as may be necessary
Insurance
if any, determined
Aqency
of the first twenty
under the provisions
is less than
revenues,
durinq
Insurance
cause to
year
of this
Furld,
HB ORG
45
General Revenue.
46
after the secretary
47
year ending June 30 2027
48
The provisions administers
of this subdivision the provisions
(c) Not earlier than November
shall terminate
of this subdivision
1 of each calendar
following
are such as to otherwise
50
section
51
notify the presiding
52
convene
53
Virginia for the purpose
54
requestasupplementaryappropriationbillatthenextprecedingregularsessionoftheLegislature
55
todrawmoneyfromthesurplusRevenueShortfallReserveFundtomeetanyanticipatedrevenue
56
shortfall.IftheLegislaturefailstoenactasupplementaryappropriationfromtheRevenueShortfall
57
ReserveFundduringanyspeciallegislativesessioncalledforthepurposessetforthinthissection
58
or during the next preceding
59
with a reduction
60
Should any amount drawn from the Revenue
61
made by the Legislature
62
may also proceed
63
two oF this article.
64
(d) Upon
twenty-one officers
the Legislature
66
revenue
67
solely by the Legislature.
article
of the Legislature,
Shortfall
to address
of appropriations
Shortfall
the
Reserve
pursuant
Legislature
Reserve
the Governor
Fund pursuant shortfall,
to sections
Fund for revenue
to
of West bill or to
may proceed of this article.
to an appropriation then the Governor
twenty-one
is authorized
and twenty-
and may
shortfalls,
make
an
for emergency
or for other fiscal needs as determined
may, by executive 3
appropriation
and twenty-two
any anticipated
may
of his or her intention
then the Governor
31 in any fiscal year in which revenues
of the state's obligations,
under this
Vl of the Constitution
twenty-one
by acts of God or natural disasters
(e) Prior to October
in writing
of a supplementary
to sections
of the fund,
from the Revenue
needs caused
payments
session
pursuant
with a reduction
nineteen,
the introduction
prove insufficient
appropriation
69
regular
creation
of the Legislature
to section
of requesting
65
68
pursuant
to reduce appropriations
of this article, then in that event the Governor
of both houses
of appropriations
the
of the Governor
or twenty-two
the end of the fiscal
year, if the state's fiscal circumstances
49
or section
trigger the authority
and be of no force and effect
are inadequate
to make timely
order, after first notifying the
HB ORG
70
presiding
officers
of both houses
of the Legislature
71
Shortfall
Reserve
Fund: Provided,
That for the fiscal year 2014, pursuant
72
subject to all other conditions,
73
may borrow funds from the Revenue
74
amount of funds borrowed
75
general revenue
76
the
77
whichever
78
interest,
79
of their withdrawal.
Governor
80
estimate
Shortfall
is necessary
and redeposited
borrowed
Shortfall
pursuant
to this subsection
Virginia Tobacco
Settlement
83
eleven-a,
four of this code, repayments
84
Settlement
Medical
85
provisions
of article
86
earned on the moneys
87
Shortfall
88
(d) of this section,
Trust
chapter
in the Revenue
thirty-three Shortfall
in the Revenue
earned
may be expended
9'l
Shortfall
92
except that the interest
Reserve
Fund described
(2) Notwithstanding
obligations
be repaid,
without
Fund within ninety days
within the State Treasury.
of moneys transferred to the provisions
from the West
of section two, article
Company
of this code and all interest
Tobacco
pursuant
to the
and other
return
Fund - Part B. Moneys
solely for the purposes
Reserve
in the Revenue
set forth in subsection
Fund - Part B nor any interest
for any purpose
in subsection
as provided
shall
of the
or the amount
of the state's
Reserve
Mcitual Insurance
Reserve
Shortfall
or other return earned
Part B may be expended
percent
conditions:
(1) No moneys thereon
the Governor
made of the loan from the West Virginia
Fund to the Physician's
subject to the following
return
94
Fund - Part B shall consist
Fund - Part B may be expended
90
Shortfall
Medical Trust Fund pursuant
twenty-f,
payment
Fund - Part B is continued
82
93
Reserve
Reserve
and
Fund prior to the first day of April. The
timely
The Revenue
89
set Forth in this section,
to make
81
Reserve
to this subsection
shall not exceed one and one-half
to the credit of the Revenue
(f) The Revenue
chapter
Reserve
borrow funds from the Revenue
for the fiscal year in which the funds are to be borrowed,
Any funds
Shortfall
and limitations
under this subsection
determines
is less.
requirements
in writing,
(b) of this section
on moneys
in subdivision
any other provision
unless
all moneys
in the Revenue
have first been expended,
in the Revenue
Shortfall
Reserve
Fund
(2) of this subsection
of this section to the contrary, 4
or other
the Legislature
may
HB ORG
95
appropriate
96
Revenue
97
set forth in section
only in instances
100 101
Shortfall
and other return earned thereon
Reserve
(g)
three, article eleven-a,
shortfalls
Reserve
or fiscal emergencies
of an extraordinary
in subsection
(f) of this section,
in appropriating
of this section,
103
Shortfall
104
but not exceeding,
105
for the fiscal year just ended.
Fund and the Revenue
(h) (1 ) Of the moneys
Shortfall
Reserve
of the total appropriations
in the Revenue
Shortfall moneys
as necessary
Shortfall
subsection
109
Investments
110
article six-c, chapter
111
shallbemadeavailabletotheWestVirginialnvestmentManagementBoardformanagementand
112
investment
113
code. Any balance
114
return earned thereon
115
remain in the Revenue
117
available
118
the moneys
119
balance
and investment
in accordance
to the West
of the moneys
Reserve
to the West Virginia in accordance
or the Revenue
Reserve
of article
Fund, including
Fund for the purposes
in the Revenue Investment
Shortfall
Management
with the provisions Shortfall
Reserve
Revenue,
Board of Treasury
Shortfall
six, chapter accrued
Reserve
of
of
Reserve Fund
twelve of this
interest
and other
Fund but shall
set forth in this section. Fund - Part B shall be made
Board for management
of article six, chapter
Fund - Part B, including 5
up to,
with the provisions
in accordance
in the Revenue
with the provisions
Shortfall
Virginia
at the end of any fiscal year, does not revert to the General Shortfall
to the
of the Budget Office for the purposes
twelve of this code. All other moneys
(2) All of the moneys
116
by the Director
shall be made available
of the Revenue
Fund
Reserve Fund, $100 million, or such greater
108
of the moneys
pursuant
from the State Fund, General
amount as may be certified
for management
Reserve
Fund - Part B a total amount
107
(e) of this section,
nature.
may in any fiscal year appropriate from the Revenue
the Legislature
ten percent
for the purposes
Fund - Part B shall be made
from the Revenue
provisions
106
Shortfall
upon expenditures
102
in the
four of this code; and
to the conditions
Part B prescribed
Reserve
chapter
made from Revenue
of revenue
Subject
that may accrue on the moneys
Fund - Part B after June 30, 2025, for expenditure
(3) Any appropriation
98 99
any interest
twelve accrued
and investment
of
of this code. Any interest
and other
HB ORG
'l 20
return earned thereon at the end of any fiscal year, shall not revert to the General Fund but shall
121
remain in the Revenue Shortfall Reserve Fund - Part B for the purposes set forth in this
section.
