The 2022 Executive Budget Document
Governor Northam's Proposed Budget for the 2022-2024 Biennum
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Released on December 16, 2021 
 
Virginia Retirement System [158]
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
2016-2018 2017 Chapter 1, 2018 Acts of Assembly $32,585 $85,467,959 $85,500,544
2016-2018 2018 Chapter 1, 2018 Acts of Assembly $50,000 $84,648,080 $84,698,080
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly $185,137 $95,658,527 $95,843,664
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly $80,000 $94,641,369 $94,721,369
2020-2022 2021 Chapter 1, 2022 Acts of Assembly $80,000 $105,612,181 $105,692,181
2020-2022 2022 Chapter 1, 2022 Acts of Assembly $80,000 $106,022,679 $106,102,679
2022-2024 2023 Governor's Proposed Budget $80,000 $118,009,019 $118,089,019
    Base Budget $80,000 $106,022,679 $106,102,679
    Addenda (Changes to the Base) $0 $11,986,340 $11,986,340
2022-2024 2024 Governor's Proposed Budget $80,000 $120,720,034 $120,800,034
    Base Budget $80,000 $106,022,679 $106,102,679
    Addenda (Changes to the Base) $0 $14,697,355 $14,697,355
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
2016-2018 2017 Chapter 1, 2018 Acts of Assembly 0.00 337.00 337.00
2016-2018 2018 Chapter 1, 2018 Acts of Assembly 0.00 337.00 337.00
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly 0.00 364.00 364.00
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly 0.00 368.00 368.00
2020-2022 2021 Chapter 1, 2022 Acts of Assembly 0.00 383.00 383.00
2020-2022 2022 Chapter 1, 2022 Acts of Assembly 0.00 386.00 386.00
2022-2024 2023 Proposed Positions 0.00 404.00 404.00
    Base Budget 0.00 386.00 386.00
    Addenda (Changes to the Base) 0.00 18.00 18.00
2012-2014 2024 Proposed Positions 0.00 405.00 405.00
    Base Budget 0.00 386.00 386.00
    Addenda (Changes to the Base) 0.00 19.00 19.00
Operating Budget Addenda (in order of greatest impact)
•
Provide resources for Investment department Decision Package
  Provides nongeneral fund appropriation and one full-time equivalent position. The agency will procure services to oversee data management and hire one investment accountant to address growth in investment activities.
 
  FY 2023 FY 2024
Nongeneral Fund $2,820,533 $2,520,533
Positions 1.00 1.00
•
Adjust appropriation for centrally funded five percent salary increase for state employees Base Budget Adjustment
  Adjusts appropriation for the five percent salary increase for state employees budgeted in Central Appropriations, Item 477 X. of Chapter 552, 2021 Acts of Assembly, Special Session I.
 
  FY 2023 FY 2024
Nongeneral Fund $1,978,499 $1,978,499
•
Improve information technology functionality Decision Package
  Provides nongeneral fund appropriation and two full-time equivalent positions. This amendment will allow the agency to establish a Project Management Office to oversee its information technology projects, upgrade its existing applications, and provide additional external audit support.
 
  FY 2023 FY 2024
Nongeneral Fund $1,201,080 $2,599,080
Positions 2.00 2.00
•
Strengthen cybersecurity and fraud prevention measures Decision Package
  Provides nongeneral fund appropriation and two full-time equivalent positions to ensure the agency's enterprise technology platforms are secure.
 
  FY 2023 FY 2024
Nongeneral Fund $1,830,112 $1,527,112
Positions 2.00 2.00
•
Complete cloud migration Decision Package
  Provides nongeneral fund appropriation both years. This amendment will allow the agency to refresh its existing hardware, fund consulting services, and provide post-production support to complete its transition to a cloud-based network.
 
  FY 2023 FY 2024
Nongeneral Fund $919,000 $2,014,600
•
Refresh infrastructure for investment data analysis Decision Package
  Provides nongeneral fund appropriation and two full-time equivalent quantitative developer positions. The investment staff will have access to analytical tools to analyze information relevant to the investment decision making process, resulting in better-informed investment decisions.
 
  FY 2023 FY 2024
Nongeneral Fund $1,352,512 $1,352,512
Positions 2.00 2.00
•
Expand in-house investment capabilities Decision Package
  Provides nongeneral fund appropriation for data sources and two full-time equivalent positions. The two investment officers will support the agency's in-house investment management activities. Managing assets in-house is expected to reduce investment management costs.
 
  FY 2023 FY 2024
Nongeneral Fund $1,302,512 $1,302,512
Positions 2.00 2.00
•
Optimize member, retiree, and employer outreach Decision Package
  Upgrades the agency's online tools to make the process more intuitive for its users. Due to the increasing number of participants, additional staff is needed to provide telephonic and in-person assistance.
 
  FY 2023 FY 2024
Nongeneral Fund $1,091,218 $1,186,633
Positions 9.00 10.00
•
Remove funding to refresh existing hardware Base Budget Adjustment
  Removes funding provided to refresh voice server infrastructure, voice routers, and voice and data transmission equipment.
 
  FY 2023 FY 2024
Nongeneral Fund ($725,400) ($725,400)
•
Elevate organizational strength, culture, and engagement Decision Package
  Increases nongeneral fund appropriation both years. This amendment provides funding for staff training and development programs.
 
  FY 2023 FY 2024
Nongeneral Fund $20,000 $745,000
•
Remove support for the Commission on Employee Retirement Security and Pension Reform Decision Package
  Removes nongeneral fund appropriation to fund actuarial expenses for the Commission on Employee Retirement Security and Pension Reform, pursuant to Chapter 683 of the 2016 General Assembly Session. The provisions of the chapter expired on July 1, 2021.
 
  FY 2023 FY 2024
Nongeneral Fund ($300,000) ($300,000)
•
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 477 H. of Chapter 552, 2021 Acts of Assembly, Special Session I.
 
  FY 2023 FY 2024
Nongeneral Fund $297,256 $297,256
•
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 477 G. of Chapter 552, 2021 Acts of Assembly, Special Session I.
 
  FY 2023 FY 2024
Nongeneral Fund $146,372 $146,372
•
Adjust appropriation for centrally funded changes to Cardinal Human Capital Management System charges Base Budget Adjustment
  Adjusts appropriation for changes to Cardinal Human Capital Management System internal service fund charges budgeted in Central Appropriations, Item 478 G. of Chapter 552, 2021 Acts of Assembly, Special Session I.
 
  FY 2023 FY 2024
Nongeneral Fund $79,550 $79,550
•
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 478 F. of Chapter 552, 2021 Acts of Assembly, Special Session I.
 
  FY 2023 FY 2024
Nongeneral Fund ($32,243) ($32,243)
•
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 478 C. of Chapter 552, 2021 Acts of Assembly, Special Session I.
 
  FY 2023 FY 2024
Nongeneral Fund ($8,318) ($8,318)
•
Adjust appropriation for centrally funded general liability premium charges Base Budget Adjustment
  Adjusts appropriation for general liability premiums billed by the Department of the Treasury’s Division of Risk Management budgeted in Central Appropriations, Item 478 J. of Chapter 552, 2021 Acts of Assembly, Special Session I.
 
  FY 2023 FY 2024
Nongeneral Fund $7,987 $7,987
•
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 477 K. of Chapter 552, 2021 Acts of Assembly, Special Session I.
 
  FY 2023 FY 2024
Nongeneral Fund $3,163 $3,163
•
Adjust appropriation for centrally funded workers’ compensation premium changes Base Budget Adjustment
  Adjusts appropriation for workers’ compensation premiums budgeted in Central Appropriations, Item 477 R. of Chapter 552, 2021 Acts of Assembly, Special Session I.
 
  FY 2023 FY 2024
Nongeneral Fund $2,573 $2,573
•
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 478 H. of Chapter 552, 2021 Acts of Assembly, Special Session I.
 
  FY 2023 FY 2024
Nongeneral Fund ($66) ($66)
•
Realign operating budget Decision Package
  Adjusts the operating budget based on projected expenditures. This technical amendment is a zero sum adjustment.


pdocagy2014 - Executive Budget Document Agency Details - 04-04-2026 08:54:16