§ 308d - Revenue shortfall reserve; creation and purpose - Vermont Statutes

§ 308d. Revenue shortfall reserve; creation and purpose

(a) It is the purpose of this section to create a revenue shortfall reserve to be used in times of economic or fiscal stress.

(b) There is hereby created a revenue shortfall reserve administered by the commissioner of finance and management. Any budgetary basis unreserved and undesignated general fund surplus occurring at the close of a fiscal year after the general fund budget stabilization reserve established by section 308 of this title has been brought to its authorized level and after any deposits to the general fund surplus reserve established by subsection 308c(a) of this title, and any additional amounts as may be authorized by the general assembly, shall be reserved in the revenue shortfall reserve created by this section.

(c) In any fiscal year, if the general assembly determines there are insufficient revenues to fund expenditures for the operation of state government at a level the general assembly finds prudent and required, it may specifically appropriate the use of the revenue shortfall reserve to compensate for a reduction of revenues or fund such needs as the general assembly may determine.

(d) Determination of the amount of the revenue shortfall reserve shall be made by the commissioner of finance and management and reported to the legislative joint fiscal committee at its first meeting following September 1 of each year. (Added 2007, No. 192 (Adj. Sess.), § 6.031, eff. June 7, 2008; amended 2009, No. 4, § 97, eff. April 29, 2009.)