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GA Adjustment
Direct Aid to Public Education (197)
Request Title Literary and General Fund Revenues for Retirement Cost
Biennium 2018-2020
Budget Round Amended Bill
Half Sheet Number 136 #12c
Description

This amendment provides $111.3 million in the first year from the Literary Fund for Virginia Retirement System (VRS) payments. It also directs a total of $35.0 million towards school construction support as follows: 1) $30.0 million for Literary Fund school construction loans that will revolve back to the Literary Fund, and; 2) $5.0 million towards an interest rate subsidy program, based on the parameters established in Senate Bill 1093 as passed during the 2019 Session. Senate Bill 1093 authorizes a 100 percent interest rate subsidy for school divisions with local composite index of 0.2500 and below and a 50 percent interest rate subsidy for school divisions with a local composite index greater than 0.2500 but no greater than 0.4000. There is a $7.5 million maximum total loan amount that a subsidy interest rate will be paid. The remaining $30.0 million in Literary Fund revenues shall be used to provide school construction loans for projects that are on the First Priority Waiting List. This amendment also includes a technical correction.

Funding Details
By Program Program Code Program Title FY 2018 FY 2019
  178 State Education Assistance Programs $0 $0
By Fund Fund Code Fund Title FY 2018 FY 2019
  01000 General Fund ($45,000,000) $0
  07020 Literary Fund $45,000,000 $0
Authorized Position Details
By Program Program Code Program Title FY 2018 FY 2019


p3_opview - Official Enacted Budget View Operating Bullet Details - 08-11-2025 01:39:50