The 2012 Executive Budget Document
Department of the Treasury
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http://www.trs.virginia.gov/
]
Mission Statement
As steward of the Commonwealth's financial resources, the Department of the Treasury's mission is to ensure excellence in the management of its banking, investing, and financing services and the administration of unclaimed property and insurance programs.
Operating Budget Summary
| General Fund | Nongeneral Fund | Personnel Cost | |
|---|---|---|---|
| 2009 Appropriation | $ 6,927,822 | $ 9,157,762 | $ 9,285,910 |
| 2010 Appropriation | $ 8,331,547 | $ 9,570,554 | $ 9,676,114 |
| 2011 Appropriation | $ 7,933,287 | $ 10,417,344 | $ 9,060,163 |
| 2012 Appropriation | $ 7,796,907 | $ 10,752,123 | $ 9,229,112 |
| 2013 Base Budget | $ 7,796,907 | $ 10,752,123 | $ 9,229,112 |
| 2013 Addenda | $ (192,646) | $ (14,329) | $ 82,440 |
| 2013 Total | $ 7,604,261 | $ 10,737,794 | $ 9,311,552 |
| 2014 Base Budget | $ 7,796,907 | $ 10,752,123 | $ 9,229,112 |
| 2014 Addenda | $ (187,137) | $ (14,329) | $ 82,440 |
| 2014 Total | $ 7,609,770 | $ 10,737,794 | $ 9,311,552 |
| General Fund | Nongeneral Fund | Total Positions | |
|---|---|---|---|
| 2009 Appropriation | 39.50 | 81.50 | 121.00 |
| 2010 Appropriation | 38.50 | 82.50 | 121.00 |
| 2011 Appropriation | 38.50 | 82.50 | 121.00 |
| 2012 Appropriation | 38.50 | 82.50 | 121.00 |
| 2013 Base Budget | 38.50 | 82.50 | 121.00 |
| 2013 Addenda | (3.00) | 3.00 | 0.00 |
| 2013 Total | 35.50 | 85.50 | 121.00 |
| 2014 Base Budget | 38.50 | 82.50 | 121.00 |
| 2014 Addenda | (3.00) | 3.00 | 0.00 |
| 2014 Total | 35.50 | 85.50 | 121.00 |
Recommended Operating Budget Addenda
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Reduce special fund appropriationReduces the agency's special fund appropriation to reflect anticipated revenues.
FY 2013 FY 2014 Nongeneral Fund $ (100,000) $ (100,000)
-
Distribute Central Appropriation amounts to agency budgetsAdjusts the agency budget to reflect amounts moved to or from Central Appropriations to cover the costs of items such as changes in retirement and other benefit contribution rates, as well as the distribution of other centrally funded items.
FY 2013 FY 2014 General Fund $ 20,505 $ 20,505 Nongeneral Fund $ 60,015 $ 60,015
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Reduce number of income tax refund checks issuedEliminates the taxpayer's option of receiving an individual income tax refund in the form of a paper check, excect under special circumstances. Taxpayers will have the option of receiving a refund through direct deposit into a bank account or the receipt of a debit card. It is anticipated that the implementation of this reduction will reduce both check stock and postage, but will have an expenditure impact to the Department of Taxation due to systems modifications and to address the anticipated increased taxpayer calls to the call center. There will be savings over the long-term.
FY 2013 FY 2014 General Fund $ (200,000) $ (200,000)
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Recover a greater percentage of costs from nongeneral fund sourcesSupplants $25,656 in general fund support with nongeneral fund resources. A portion of the personal services costs of the investment staff of the Department of the Treasury will be allocated to the Tobacco Indemnification and Community Revitalization Endowment (TICR). Services provided to TICR by department investment staff include monitoring outside investment manager performance and compliance, allocation of investment portfolios, development of investment advisory agreements for the TICR, coordination of payment withdrawals, and coordinating custody and investment consulting services.
FY 2013 FY 2014 General Fund $ (25,656) $ (25,656) Nongeneral Fund $ 25,656 $ 25,656
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Fund changes in state employee workers' compensation premiumsAdjusts the agency's budget for the general fund share of state employee workers' compensation premiums based on the allocation of FY 2013 and FY 2014 program costs provided by the Department of Human Resource Management. The allocation is based on the historical experience of the agency and reflects the current policy of providing agencies with 50 percent of any increased costs and allowing agencies to retain 50 percent of any reduced costs.
FY 2013 FY 2014 General Fund $ 221 $ 266
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Increase electronic payments to generate postage savingsCaptures savings in postage associated with the reduction in vendor payment checks based on an initiative by the Department of Accounts to use e-commerce methods for a select group of vendor payments. It is anticipated that the number of vendor payment checks will be reduced by approximately 15,000 checks annually.
FY 2013 FY 2014 General Fund $ (5,700) $ (5,700)
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Adjust funding to reflect changes in information technology and telecommunication chargesAdjusts the agency's budget for the general fund share of information technology and telecommunication charges based on changes in utilization, services, and rate changes approved by the Joint Legislative Audit and Review Commission on July 1, 2010, and September 1, 2011.
FY 2013 FY 2014 General Fund $ 1,591 $ 1,591
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Move positions between service areasAligns positions to reflect the agency's current organization.
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Adjust funding to reflect changes in rent charges at the seat of governmentProvides additional funding to cover the general fund share of increased rent charges at the seat of government. The rent rate increase, the first in six years, results from additional costs to maintain facilities.
FY 2013 FY 2014 General Fund $ 16,393 $ 21,857