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Revenue Stabilization Fund

Virginia Ballot Measure - Ballot Question 3

Election: Nov. 2, 2010 (General)

Outcome: Passed

Categories:

Constitution
Government Budget and Spending
Taxes

Summary

    Present Law
    The Revenue Stabilization Fund (also known as the "rainy day fund") is used to offset shortfalls in anticipated revenues in any given year, and thus is designed to provide a cushion in the event of an economic downturn. The Constitution currently limits the Fund to 10 percent of the Commonwealth's average annual tax revenues from income and sales taxes for the preceding three fiscal years.

    Proposed Amendment

    The proposed constitutional amendment increases the maximum size of the Fund from 10 percent to 15 percent of the Commonwealth's average annual tax revenues from income and sales taxes for the preceding three fiscal years.

    Measure Text

    Shall Section 8 of Article X of the Constitution of Virginia be amended to increase the permissible size of the Revenue Stabilization Fund (also known as the "rainy day fund") from 10 percent to 15 percent of the Commonwealth's average annual tax revenues derived from income and retail sales taxes for the preceding three fiscal years?

    Resources

    Official Summary

    Source
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