The 2009 Executive Budget Document
Virginia Retirement System
Mission Statement
The Virginia Retirement System’s mission is to provide superior customer service in the delivery of retirement related benefits on behalf of participating Virginia public employers and their employees and to serve as stewards of the funds in our care.
Operating Budget History
General Fund | Nongeneral Fund | Positions | |
---|---|---|---|
2005 Appropriation | $ 78,000 | $ 32,251,252 | 257.00 |
2006 Appropriation | $ 78,000 | $ 33,304,775 | 261.00 |
2007 Appropriation | $ 78,000 | $ 39,011,476 | 281.00 |
2008 Appropriation | $ 78,000 | $ 47,330,452 | 283.00 |
General Fund | Nongeneral Fund | Positions | |
---|---|---|---|
2009 Base Budget | $ 78,000 | $ 57,733,797 | 296.00 |
2009 Addenda | $ (50,000) | $ 0 | 0.00 |
2009 Total | $ 28,000 | $ 57,733,797 | 296.00 |
2010 Base Budget | $ 78,000 | $ 61,208,797 | 297.00 |
2010 Addenda | $ (50,000) | $ 200,000 | 0.00 |
2010 Total | $ 28,000 | $ 61,408,797 | 297.00 |
Recommended Operating Budget Addenda
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Provide additional funding for actuarial costsProvides additional nongeneral fund spending authority to cover the actuarial costs required to re-value local retirement plans to match the actuarial assumptions used for state employee and public school teacher plans. For 2010, $200,000 (NGF).
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Implement targeted reductionsImplements targeted reductions for 2009 and 2010 included in Governor Kaine's 2008-2010 Budget Reduction Plan. Reduction details can be found in Part D of this document. For each year, a reduction of $50,000 (GF).
Budget Reduction Strategies
December Reduction Strategies
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Reduce funding for the Volunteer Firefighters' and Rescue Squad Workers' Service Award program
Reduces funding for the Volunteer Firefighters' and Rescue Squad Workers' Service Award program to more closely match actual administrative costs.
FY 2009 FY 2010 General Fund Savings $ (50,000) $ (50,000)