Department of Accounts Transfer Payments [162]
Secretarial Area: Finance
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
2016-2018 2017 Chapter 1, 2018 Acts of Assembly $1,605,137,105 $564,665,529 $2,169,802,634
2016-2018 2018 Chapter 1, 2018 Acts of Assembly $998,895,000 $556,707,398 $1,555,602,398
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly $1,341,622,895 $557,930,925 $1,899,553,820
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly $1,261,836,731 $585,961,960 $1,847,798,691
2020-2022 2021 Chapter 1, 2022 Acts of Assembly $1,495,332,411 $588,180,330 $2,083,512,741
2020-2022 2022 Chapter 1, 2022 Acts of Assembly $2,877,595,000 $588,400,824 $3,465,995,824
2022-2024 2023 Chapter 2, 2022 Acts of Assembly, Special Session 1 $2,108,113,028 $588,400,824 $2,696,513,852
2022-2024 2023 Base Budget $1,628,895,000 $588,400,824 $2,217,295,824
2022-2024 2023 Governor's Amendments $1,403,216,028 $0 $1,403,216,028
2022-2024 2023 General Assembly Adjustments ($923,998,000) $0 ($923,998,000)
2022-2024 2024 Chapter 2, 2022 Acts of Assembly, Special Session 1 $980,380,000 $588,400,824 $1,568,780,824
2022-2024 2024 Base Budget $1,628,895,000 $588,400,824 $2,217,295,824
2022-2024 2024 Governor's Amendments ($648,515,000) $0 ($648,515,000)
2022-2024 2024 General Assembly Adjustments $0 $0 $0
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
2016-2018 2017 Chapter 1, 2018 Acts of Assembly 0.00 1.00 1.00
2016-2018 2018 Chapter 1, 2018 Acts of Assembly 0.00 1.00 1.00
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly 0.00 1.00 1.00
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly 0.00 1.00 1.00
2020-2022 2021 Chapter 1, 2022 Acts of Assembly 0.00 1.00 1.00
2020-2022 2022 Chapter 1, 2022 Acts of Assembly 0.00 1.00 1.00
2022-2024 2023 Chapter 2, 2022 Acts of Assembly, Special Session 1 0.00 1.00 1.00
2022-2024 2023 Base Budget 0.00 1.00 1.00
2022-2024 2023 Governor's Amendments 0.00 0.00 0.00
2022-2024 2023 General Assembly Adjustments 0.00 0.00 0.00
2022-2024 2024 Chapter 2, 2022 Acts of Assembly, Special Session 1 0.00 1.00 1.00
2022-2024 2024 Base Budget 0.00 1.00 1.00
2022-2024 2024 Governor's Amendments 0.00 0.00 0.00
2022-2024 2024 General Assembly Adjustments 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
•
Remove appropriation for one-time Revenue Reserve Fund deposit Base Budget Adjustment
  Removes appropriation for a one-time deposit to the Revenue Reserve Fund.
 
  FY FY
General Fund ($650,000,000) ($650,000,000)
•
Appropriate mandatory Revenue Stabilization Fund deposit Decision Package
  Provides the mandatory deposit to the Revenue Stabilization Fund in fiscal year 2023.
 
  FY FY
General Fund $1,127,733,028 $0
•
Provide a payment to the Virginia Retirement System to reduce unfunded liabilities Decision Package
  Increases general fund appropriation to make a deposit to the Virginia Retirement System to reduce unfunded liabilities, contingent on revenue estimates being met as assessed in July 2022.
 
  FY FY
General Fund $923,998,000 $0
•
Increase appropriation to align financial assistance to localities with current distribution projections Decision Package
  Adjusts general fund appropriation for certain tax revenue distributions to localities to match current distribution projections.
 
  FY FY
General Fund $1,485,000 $1,485,000
•
Move Lump Sum Payments to VRS for FY 2022 General Assembly Adjustment
  This amendment redirects funding included in the introduced budget for lump sum payments for the VRS retirement system. A companion amendment in House Bill 29 provides a $750.0 million payment to the VRS in fiscal year 2022. Making the payment a year earlier than originally proposed will allow the funds to be invested a year earlier and realize an additional year of investment returns prior to the next valuation.
 
  FY FY
General Fund ($923,998,000) $0
•
Combined Reserve Fund Balance Limitation General Assembly Adjustment
  This amendment includes language allowing for the current statutory cap on the combined balance of the Rainy Day Fund and the Revenue Reserve Fund to not exceed 20% of the Commonwealth'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, from its current limitation of 15%, and directs the Secretary of Finance to deliver a report including recommendations on the modification to or removal of the existing statutory cap on the combined balance by September 1, 2022.


p3_bullets - Official Enacted Budget - 07-18-2025 20:39:06