State Corporation Commission [171]
Secretarial Area: Independent Agencies
Operating Budget Summary
This table shows the Governor's proposed budget for the next two years and the agency's official budget for the previous six years.
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Biennium Fiscal Year Source GF NGF Total
2014-2016 2015 Chapter 732, 2016 Acts of Assembly $1,200,133 $94,411,603 $95,611,736
2014-2016 2016 Chapter 732, 2016 Acts of Assembly $200,446 $94,411,603 $94,612,049
2016-2018 2017 Chapter 1, 2018 Acts of Assembly $201,256 $99,190,592 $99,391,848
2016-2018 2018 Chapter 1, 2018 Acts of Assembly $201,292 $107,161,601 $107,362,893
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly $101,278 $107,319,117 $107,420,395
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly $101,278 $109,979,950 $110,081,228
2020-2022 2021 Chapter 1289, 2020 Acts of Assembly $103,671 $123,574,925 $123,678,596
2020-2022 2021 Base Budget $101,278 $109,629,950 $109,731,228
2020-2022 2021 Governor's Amendments $2,393 $19,132,025 $19,134,418
2020-2022 2021 General Assembly Adjustments $0 ($5,187,050) ($5,187,050)
2020-2022 2022 Chapter 1289, 2020 Acts of Assembly $103,671 $129,563,259 $129,666,930
2020-2022 2022 Base Budget $101,278 $109,629,950 $109,731,228
2020-2022 2022 Governor's Amendments $2,393 $47,641,659 $47,644,052
2020-2022 2022 General Assembly Adjustments $0 ($27,708,350) ($27,708,350)
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
2014-2016 2015 Chapter 732, 2016 Acts of Assembly 13.00 665.00 678.00
2014-2016 2016 Chapter 732, 2016 Acts of Assembly 0.00 665.00 665.00
2016-2018 2017 Chapter 1, 2018 Acts of Assembly 0.00 665.00 665.00
2016-2018 2018 Chapter 1, 2018 Acts of Assembly 0.00 675.00 675.00
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly 0.00 675.00 675.00
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly 0.00 676.00 676.00
2020-2022 2021 Chapter 1289, 2020 Acts of Assembly 0.00 699.00 699.00
2020-2022 2021 Base Budget 0.00 676.00 676.00
2020-2022 2021 Governor's Amendments 0.00 20.00 20.00
2020-2022 2021 General Assembly Adjustments 0.00 3.00 3.00
2020-2022 2022 Chapter 1289, 2020 Acts of Assembly 0.00 715.00 715.00
2020-2022 2022 Base Budget 0.00 676.00 676.00
2020-2022 2022 Governor's Amendments 0.00 32.00 32.00
2020-2022 2022 General Assembly Adjustments 0.00 7.00 7.00
Operating Budget Addenda (in order of greatest impact)
•
Adjust appropriation for centrally funded 2.75 percent salary increase for state employees Base Budget Adjustment
  Adjusts appropriation for the 2.75 percent salary increase for state employees budgeted in Central Appropriations, Item 474 T. of Chapter 854, 2019 Acts of Assembly.
 
  FY FY
General Fund $1,880 $1,880
Nongeneral Fund $1,602,927 $1,602,927
•
Adjust appropriation for centrally funded 2.25 percent merit-based salary increase for state employees Base Budget Adjustment
  Adjusts appropriation for the 2.25 percent merit-based salary increase for state employees budgeted in Central Appropriations, Item 474 V. of Chapter 854, 2019 Acts of Assembly.
 
  FY FY
General Fund $1,337 $1,337
Nongeneral Fund $1,126,680 $1,126,680
•
Adjust funding for the regulation of public utilities Base Budget Adjustment
  Adjusts nongeneral fund appropriation for the regulation of public utilities. This adjustment is based on the Public Service Company Fee and Tax Fund's historical expenditures.
 
  FY FY
Nongeneral Fund ($800,000) ($800,000)
•
Adjust appropriation for centrally funded changes to state health insurance premiums Base Budget Adjustment
  Adjusts appropriation for the employer’s share of health insurance premiums budgeted in Central Appropriations, Item 474 G. of Chapter 854, 2019 Acts of Assembly.
 
  FY FY
Nongeneral Fund $493,872 $493,872
•
Adjust appropriation for centrally funded changes to Cardinal Financials System charges Base Budget Adjustment
  Adjusts appropriation for changes to Cardinal Financials System internal service fund charges budgeted in Central Appropriations, Item 475 L. of Chapter 854, 2019 Acts of Assembly.
 
  FY FY
General Fund ($771) ($771)
Nongeneral Fund $102,634 $102,634
•
Adjust appropriation for centrally funded workers’ compensation premium changes Base Budget Adjustment
  Adjusts appropriation for workers’ compensation premiums budgeted in Central Appropriations, Item 474 R. of Chapter 854, 2019 Acts of Assembly.
 
  FY FY
General Fund $48 $48
Nongeneral Fund $81,276 $81,276
•
Adjust appropriation for centrally funded changes to agency information technology costs Base Budget Adjustment
  Adjusts appropriation for changes to information technology and telecommunications usage budgeted in Central Appropriations, Item 475 G. of Chapter 854, 2019 Acts of Assembly.
 
  FY FY
Nongeneral Fund $23,962 $23,962
•
Adjust appropriation for centrally funded retirement rate changes Base Budget Adjustment
  Adjusts appropriation for changes to contribution rates for state employee retirement plans budgeted in Central Appropriations, Item 474 H. of Chapter 854, 2019 Acts of Assembly.
 
  FY FY
General Fund $17 $17
Nongeneral Fund $14,082 $14,082
•
Adjust appropriation for centrally funded state employee other post-employment benefit rate changes Base Budget Adjustment
  Adjusts appropriation for changes to state employee other post-employment benefit rates budgeted in Central Appropriations, Item 474 K. of Chapter 854, 2019 Acts of Assembly.
 
  FY FY
General Fund ($17) ($17)
Nongeneral Fund ($14,081) ($14,081)
•
Adjust appropriation for centrally funded information technology auditors and security officers Base Budget Adjustment
  Adjusts appropriation for information technology auditors and information security officers budgeted in Central Appropriations, Item 475 K. of Chapter 854, 2019 Acts of Assembly.
 
  FY FY
Nongeneral Fund ($10,518) ($10,518)
•
Eliminate funding for legislative organization membership dues Base Budget Adjustment
  Eliminates nongeneral fund appropriation provided for the payment of annual membership dues to the National Conference of Insurance Legislators (NCOIL). The nongeneral fund appropriation provided for the annual NCOIL membership dues can be eliminated because the agency is no longer a member of the legislative organization.
 
  FY FY
Nongeneral Fund ($10,000) ($10,000)
•
Adjust appropriation for centrally funded changes to Performance Budgeting System charges Base Budget Adjustment
  Adjusts appropriation for changes to Performance Budgeting System internal service fund charges budgeted in Central Appropriations, Item 475 M. of Chapter 854, 2019 Acts of Assembly.
 
  FY FY
General Fund ($101) ($101)
Nongeneral Fund $216 $216
•
Establish state health benefit exchange Decision Package
  Establishes Virginia Health Benefit Exchange. Creates a new division within the agency to manage a health insurance marketplace for the purchase and sale of qualified health and dental plans in the individual and small group markets. Language authorizes the Secretary of Finance to approve an interest-free treasury loan to fund the start-up costs of the health insurance marketplace. A companion amendment in Central Appropriations provides general fund support, beginning in the first year, to administer a reinsurance program to subsidize health insurance carriers participating in the Virginia Health Benefit Exchange.
 
  FY FY
Nongeneral Fund $13,500,000 $41,500,000
Positions 20.00 30.00
•
Increase Uninsured Motorists Fund appropriation Decision Package
  Increases nongeneral fund appropriation each year to support the annual Uninsured Motorists Fund transfer from the Department of Motor Vehicles. The nongeneral fund appropriation increase is based on the most recent revenue projections provided by the Department of Taxation.
 
  FY FY
Nongeneral Fund $2,897,520 $3,319,219
•
Provide oversight of qualified education loan servicers Decision Package
  Provides staff to issue licenses and register education loan servicers. This amendment supports legislation requiring anyone acting as a qualified education loan servicer to obtain a license through the Commission and register with the Nationwide Multistate Licensing System and Registry.
 
  FY FY
Nongeneral Fund $123,455 $211,390
Positions 0.00 2.00
•
Allocate funding to redesign website Decision Package
  Transfers nongeneral fund appropriation between service areas to redesign the agency's website. This technical amendment transfers nongeneral fund appropriation from the Regulation of Investment Companies, Products and Services service area to the Regulation of Financial Institutions service area. The agency allocates its costs for redesigning the website to the Regulation of Investment Companies, Products and Services service area.
•
Allocate funding to replace the MarketPro System Decision Package
  Transfers nongeneral fund appropriation between service areas for the replacement of the Bureau of Insurance's (BOI) MarketPro System. This technical amendment transfers nongeneral fund appropriation from the Regulation of Financial Institutions service area to the Regulation of Insurance Industry service area. The BOI's expenditures are charged to the Regulation of Insurance Industry service area.
•
Reallocate administration of regulatory services Decision Package
  Transfers nongeneral fund appropriation and positions among the five regulatory service areas. This technical amendment properly reflects personal and nonpersonal expenditures among the five regulatory service areas.
•
Modify start-up funding for the state health benefit exchange General Assembly Adjustment
  This amendment modifies language in the introduced budget to allow the Secretary of Finance to authorize either a working capital advance or an interest-free treasury loan in an amount not to exceed $40,000,000 for the State Corporation Commission to fund start-up costs and other costs associated with the implementation of a State Health Benefit Exchange. The Secretary of Finance may extend the repayment plan for any such working capital advance or interest-free treasury loan for a period longer than twelve months. The State Corporation Commission is allowed to use a portion of the user fees collected from health insurance carriers participating in the State Health Benefit Exchange to repay the working capital advance or interest-free treasury loan. In addition, the amendment reduces the nongeneral fund appropriation to reflect updated estimates of the cost to operate the Exchange.
 
  FY FY
Nongeneral Fund ($5,280,000) ($28,251,000)
•
Expand consumer lending regulations General Assembly Adjustment
  This amendment provides the State Corporation Commission with an additional nongeneral fund appropriation and positions pursuant the passage of House Bill 789 in the 2020 General Assembly session, which expands the scope of licensing requirements for short-term loans.
 
  FY FY
Nongeneral Fund $69,710 $297,070
Positions 2.00 4.00
•
Regulate debt settlement service providers General Assembly Adjustment
  This amendment provides $23,240 the first year and one position, and $245,580 and three positions from nongeneral funds for the regulation of debt settlement service providers by the State Corporation Commission.
 
  FY FY
Nongeneral Fund $23,240 $245,580
Positions 1.00 3.00
•
Delay effective date of Chapters 734 and 636 General Assembly Adjustment
  This amendment delays the implementation of Acts of Assembly Chapter 734 and Chapter 636 of 2019 to provide the State Corporation Commission enough time to complete the IT and software upgrades needed to effectuate the provisions of these acts.
•
Review hearing aid coverage General Assembly Adjustment
  This amendment requires that the insurance mandate to cover hearing aids for children is assessed by the Health Insurance Reform Commission (HIRC) as required by Chapter 53 of Title 30 of the Code of Virginia, prior to the implementation of such coverage. Language requires the HIRC assessment to include a joint assessment by the Bureau of Insurance and the Joint Legislative Audit and Review Commission to determine the social and financial impact of such coverage and report back to the to House Appropriations and Senate Finance and Appropriations Committees by November 1, 2020. Upon a finding of no fiscal impact, coverage may commence in fiscal year 2022.
Capital Project Requests (in order of largest to smallest)
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Renovate Tyler Building
  Establishes a stand-alone capital project to renovate the Tyler Building.
 
  FY FY
Nongeneral Fund $21,600,000 $0


p3_bullets - Official Enacted Budget - 06-07-2025 07:30:48