The 2009 Executive Budget Document
Treasury Board
Mission Statement
To provide sufficient appropriations for the payment of outstanding and future debt obligations of the Commonwealth.
(While the Treasury Board is tasked by statute with many duties, the Treasury Board budget is limited to amounts required to pay principal and interest on tax-supported debt obligations of the Commonwealth.)
Operating Budget History
| General Fund | Nongeneral Fund | Positions | |
|---|---|---|---|
| 2005 Appropriation | $ 284,718,976 | $ 6,995,367 | 0.00 |
| 2006 Appropriation | $ 310,489,287 | $ 9,415,155 | 0.00 |
| 2007 Appropriation | $ 347,676,692 | $ 9,269,878 | 0.00 |
| 2008 Appropriation | $ 405,205,576 | $ 11,268,364 | 0.00 |
| General Fund | Nongeneral Fund | Positions | |
|---|---|---|---|
| 2009 Base Budget | $ 464,686,808 | $ 11,266,481 | 0.00 |
| 2009 Addenda | $ (11,958,281) | $ 0 | 0.00 |
| 2009 Total | $ 452,728,527 | $ 11,266,481 | 0.00 |
| 2010 Base Budget | $ 529,375,099 | $ 11,264,517 | 0.00 |
| 2010 Addenda | $ (2,765,758) | $ 0 | 0.00 |
| 2010 Total | $ 526,609,341 | $ 11,264,517 | 0.00 |
Recommended Operating Budget Addenda
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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 2009, a decrease of $4.3 million (GF). For 2010, a decrease of $13.9 million (GF).
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Adjust debt service fundingAdjusts debt service funding for projects financed through the Virginia College Building Authority and the Virginia Public Building Authority, and general obligation bond projects, to capture savings in FY 2009, and to provide additional funding in FY 2010. The adjustments are necessary to reflect the impact of: revised issuance assumptions on authorized projects, delayed fall 2008 issuances, and revised Water Quality Improvement Fund assumptions; increased interest rate assumptions on future issuances due to changes in the recent financial market; and, the anticipated supplant in FY 2009 of $250 million in general fund dollars for capital projects with bond proceeds. Debt service on the $250 million in capital supplants will be required beginning in FY 2010. For 2009, a decrease of $7.7 million (GF). For 2010, $11.2 million (GF).
Budget Reduction Strategies
December Reduction Strategies
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Defer payment of principle on the Virginia College Building Authority's Variable Rate Demand Bonds
Defers the principle payments in FY 2009 and FY 2010 on Virginia College Building Authority Variable Rate Demand Bonds. The Commonwealth will continue to pay interest on the bonds.
FY 2009 FY 2010 General Fund Savings $ (4,289,676) $ (4,254,291) -
Delay higher education equipment trust fund issuance
Postpones the issuance of equipment by the Virginia College Building Authority. The Appropriation Act includes approximately $58 million in equipment allocations planned for FY 2009 for the institutions of higher education. This action delays the issuance of the bonds for this equipment, and results in a savings in debt service.
FY 2009 FY 2010 General Fund Savings $ 0 $ (9,684,301)