The 2010 Executive Budget Document
Virginia Retirement System
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http://www.varetire.org/
]
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 Summary
| General Fund | Nongeneral Fund | Personnel Cost | |
|---|---|---|---|
| 2007 Appropriation | $ 78,000 | $ 39,011,476 | $ 24,092,181 |
| 2008 Appropriation | $ 78,000 | $ 47,330,452 | $ 27,637,524 |
| 2009 Appropriation | $ 28,000 | $ 57,733,797 | $ 32,099,534 |
| 2010 Appropriation | $ 28,000 | $ 61,408,797 | $ 30,895,451 |
| 2011 Base Budget | $ 28,000 | $ 61,408,797 | $ 30,895,451 |
| 2011 Addenda | $ (28,000) | $ (1,699,675) | $ 760,130 |
| 2011 Total | $ 0 | $ 59,709,122 | $ 31,655,581 |
| 2012 Base Budget | $ 28,000 | $ 61,408,797 | $ 30,895,451 |
| 2012 Addenda | $ (28,000) | $ (7,563,000) | $ 760,130 |
| 2012 Total | $ 0 | $ 53,845,797 | $ 31,655,581 |
| General Fund | Nongeneral Fund | Total Positions | |
|---|---|---|---|
| 2007 Appropriation | 0.00 | 281.00 | 281.00 |
| 2008 Appropriation | 0.00 | 283.00 | 283.00 |
| 2009 Appropriation | 0.00 | 300.00 | 300.00 |
| 2010 Appropriation | 0.00 | 301.00 | 301.00 |
| 2011 Base Budget | 0.00 | 301.00 | 301.00 |
| 2011 Addenda | 0.00 | 0.00 | 0.00 |
| 2011 Total | 0.00 | 301.00 | 301.00 |
| 2012 Base Budget | 0.00 | 301.00 | 301.00 |
| 2012 Addenda | 0.00 | 0.00 | 0.00 |
| 2012 Total | 0.00 | 301.00 | 301.00 |
Recommended Operating Budget Addenda
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Adjust internal budgetMakes internal line item adjustments to the agency's budget. Combined together, these changes net to zero.
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Adjust appropriation for the Retirement System modernization projectReduces the baseline appropriation for the retirement system modernization project to reflect amounts actually needed. This change in appropriation is being made at the request of the agency.
FY 2011 FY 2012 Nongeneral Fund ($2,925,000) ($8,350,000)
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Remove funding for VolSAP administrative costsCaptures savings in the Virginia Firefighters and Rescue Squad Workers' Service Award Program based on current spending patterns.
FY 2011 FY 2012 General Fund ($28,000) ($28,000)
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Provide appropriation for security monitoring servicesProvides additional appropriation for the retirement system to contract with a vendor for security monitoring services. This service will involve the monitoring of agency information technology systems on a 24x7 basis. The service provider staff will quickly reconfigure changes to stop an active attack, pre-empt future attacks and minimize downtime through rapid response time. Providing this service on an in-house basis would require hiring 6 to 9 highly skilled staff to control hacking.
FY 2011 FY 2012 Nongeneral Fund $84,000 $84,000
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Implement a network management systemProvides a one-time appropriation increase to implement a system that includes multiple network monitoring points reporting back to a central management device. This solution is needed to actively troubleshoot networking or application problems. This system will save numerous hours of potential downtime by performing network management electronically as opposed to the manually.
FY 2011 FY 2012 Nongeneral Fund $70,000 $0
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Implement off-site data centerProvides additional appropriation so that the new systems implemented by the Virginia Retirement System modernization program will be housed in a secure offsite facility that provides appropriate security, redundancy and resiliency. Communication lines and rent are needed to support the offsite location. The communication lines will link the Virginia Retirement System's current centers of operation to the new remote data center.
FY 2011 FY 2012 Nongeneral Fund $478,000 $478,000
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Provide appropriation for software purchasesProvides additional appropriation in support of the retirement system technology modernization effort. Specifically, the agency's various Microsoft products must be upgraded prior to the completion of the multi-year modernization project. The release version of each software must be in compliance with new system standards and the upgrade must be completed prior to implementation of the new systems.
FY 2011 FY 2012 Nongeneral Fund $368,325 $0
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Provide appropriation for work related to Line of Duty benefitsProvides nongeneral fund appropriation for professional actuarial services and one wage position to collect information regarding positions eligible for line of duty benefits.
FY 2011 FY 2012 Nongeneral Fund $225,000 $225,000