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SB610 • 2026

Revenue reserves and budgetary amendments; withdrawal from Revenue Stabilization Fund.

<p class=ldtitle>A BILL to amend and reenact § 2.2-1829 of the Code of Virginia, relating to revenue reserves and budgetary amendments.</p>

Budget Taxes
Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Lucas
Last action
2026-02-17
Official status
Failed
Effective date
Not listed

Plain English Breakdown

The official source material does not provide details on future impacts or dispute resolution mechanisms, leaving some aspects unclear.

Revenue Reserves and Budgetary Changes

This bill changes how withdrawals are handled from the Revenue Stabilization Fund to comply with budget rules.

What This Bill Does

  • Changes how withdrawals from the Revenue Stabilization Fund are assigned by the Comptroller when complying with specific budget limitations.

Who It Names or Affects

  • The state government, especially those managing finances like the Auditor of Public Accounts, State Comptroller, and State Treasurer.

Terms To Know

Revenue Stabilization Fund
A fund that holds money to help stabilize the state's budget during economic changes.
Revenue Reserve Fund
Another fund used for financial stability, separate from but related to the Revenue Stabilization Fund.

Limits and Unknowns

  • The bill does not specify what happens if there is a dispute about how much money should be in these funds.
  • It's unclear how this change will affect future budget decisions and financial planning for the state.

Bill History

  1. 2026-02-17 Senate

    Left in Finance and Appropriations

  2. 2026-01-14 Senate

    Prefiled and ordered printed; Offered 01-14-2026 26101014D

  3. 2026-01-14 Finance and Appropriations

    Referred to Committee on Finance and Appropriations

Official Summary Text

Revenue reserves and budgetary amendments.
Provides that any withdrawal from the Revenue Stabilization Fund made to comply with the 20 percent combined amount limitation for the Revenue Stabilization Fund and the Revenue Reserve Fund shall be assigned by the Comptroller and be considered a portion of the committed fund balance of the general fund of the state treasury, subject to the provisions of the general appropriation act.

Current Bill Text

Read the full stored bill text 
A BILL to amend and reenact §
2.2-1829
of the Code of Virginia, relating to revenue reserves and budgetary amendments.

Be it enacted by the General Assembly of Virginia:

1. That §
2.2-1829
of the Code of Virginia is amended and reenacted as follows:

§
2.2-1829
. Reports of Auditor of Public Accounts; Fund deposits and withdrawals.

A. On or before December 1 of each year, the Auditor of Public Accounts shall report to the General Assembly the certified tax revenues collected in the most recently ended fiscal year. The Auditor shall, at the same time, provide his report on (i) the limitation on the total amount in the Fund; (ii) the amount that could be paid into the Fund; and (iii) the amount necessary for deposit for the next fiscal year into the Fund in order to satisfy the mandatory deposit requirement of Article X,
§
Section
8 of the Constitution of Virginia. The Governor shall include any such amount in his budget bill submitted to the General Assembly pursuant to §
2.2-1509
. A schedule of deposits may be provided for in the appropriation act.

B. The State Comptroller shall draw such warrants as appropriated and the State Treasurer shall deposit such warrants into the Fund. No amounts shall be withdrawn from the Fund except pursuant to appropriations made by the General Assembly in accordance with §
2.2-1830
. However, if any amounts accrue, such as through interest or dividends, to the credit of the Fund in excess of the limitation calculated by the Auditor of Public Accounts as provided in subsection D, any excess shall be paid into the general fund either from the Fund or from the Revenue Reserve Fund created pursuant to §
2.2-1831.2
.

C. For the purposes of the Comptroller's preliminary and final annual reports as required by §
2.2-813
,
(i)
all balances remaining in the Fund on June 30 of each fiscal year shall be considered to be a portion of the fund balance of the general fund of the state treasury
and (ii) any withdrawal from the Fund to comply with the limitation calculated by the Auditor of Public Accounts as provided in subsection D shall be assigned by the Comptroller
and be considered a portion of the committed fund balance of the general fund of the state treasury
, subject to the provisions of the
general
appropriation act
.

D. The combined amount in the Fund and the Revenue Reserve Fund shall not exceed 20 percent 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.