The 2008 Executive Budget Document
Department of the TreasuryMission Statement
The Department of the Treasury is dedicated to serving the Commonwealth by providing excellent financial management and outstanding customer service.Operating Budget History
|General Fund||Nongeneral Fund||Positions|
|2005 Appropriation||$ 9,452,975||$ 7,548,369||120.00|
|2006 Appropriation||$ 13,213,986||$ 7,885,709||122.00|
|2007 Appropriation||$ 9,688,512||$ 8,352,347||123.00|
|2008 Appropriation||$ 7,851,264||$ 8,498,179||123.00|
|General Fund||Nongeneral Fund||Positions|
|2009 Base Budget||$ 7,851,264||$ 8,498,179||123.00|
|2009 Addenda||$ (26,238)||$ 659,583||1.00|
|2009 Total||$ 7,825,026||$ 9,157,762||124.00|
|2010 Base Budget||$ 7,851,264||$ 8,498,179||123.00|
|2010 Addenda||$ (26,238)||$ 664,411||1.00|
|2010 Total||$ 7,825,026||$ 9,162,590||124.00|
Recommended Operating Budget Addenda
Distribute Central Appropriations amounts to agency budgetsAdjusts the agency budget to reflect amounts moved from Central Appropriations to cover the cost of items such as the continuation of 2007 and 2008 salary and health insurance premium increases, as well as changes in retirement and disability contribution rates and other centrally funded items. For each year, $301,912 (GF) and $495,000 (NGF).
Increase nongeneral fund appropriation for charges by the Virginia Information Technologies AgencyIncreases the agency's unclaimed property nongeneral fund appropriation to cover anticipated charges by the Virginia Information Technologies Agency. In 2007, the appropriation was increased administratively. For each year, $119,000 (NGF).
Increase nongeneral fund appropriation to cover rent increases during the last bienniumIncreases the nongeneral fund appropriation for Risk Management for increases in rent charged by the Department of General Services. For each year, $19,057 (NGF).
Increase the nongeneral fund appropriation for unclaimed property compliance services and securities portfolio custody servicesIncreases the nongeneral fund sum sufficient appropriation to pay fees for unclaimed property compliance services and securities portfolio custody services from $700,000 to $900,000 per year due to increases in stock portfolio and mutual fund holdings and three new compliance services contracts. For each year, $200,000 (NGF).
Move appropriation to the correct programTransfers funding for payments related to the department's investment accounting system to the program where the funds are expended.
Reduce nongeneral fund appropriation for check processing costsReduces the nongeneral fund appropriation for check processing costs associated with processing Virginia Employment Commission benefit and Department of Social Services child support checks because both agencies have switched to paycards for payment of these claims. For each year, a reduction of $304,755 (NGF).
Increase nongeneral fund appropriation for rentA technical adjustment to increase the nongeneral fund appropriation to fund the increased rental expenses for space occupied by the Unclaimed Property Administration Division. For each year, $60,189 (NGF).
Fund postage rate increasesProvides additional funding for postage to cover the increased costs associated with the last two postage rate increases authorized by the United States Postal Service in January 2006 and May 2007. For each year, $113,850 (GF).
Continue 2008 budget reductionsContinues the budget reductions included in the Governor's 2008 reduction plan into the 2008-10 biennium. For each year, a reduction of $442,000 (GF).
Establish an additional credit analyst position for investments made by the Local Government Investment PoolProvides an additional credit analyst position for investments made by the Local Government Investment Pool. The position will analyze the credit worthiness of available securities for investment decisions and select alternative investment options. The source of funds for this position will be the Local Government Investment Pool fee income. For 2009, $71,092 (NGF) and one position. For 2010, $75,920 (NGF).
Amend debt service reporting requirementA language amendment to require the department to report annually on changes in the Commonwealth's debt service requirements. Current language requires that the department report quarterly.