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Chief Patron: Governor Warner
Item 63 #2g
Administration
Compensation BoardLanguage

Language:
Page 40, after line 23, insert:
"Q. The Compensation Board is authorized to use up to $2,000,000 in the first year from projected general fund balances in Items 64, 65, 66, 69 and 70 to address constitutional officer local retirement rate increases. The Board shall receive approval from the Department of Planning and Budget prior to spending or allocating any portion of the $2,000,000."

Explanation:
(This amendment adds language that authorizes the Compensation Board to use up to $2,000,000 in projected general fund balances in the various constitutional officer programs to address a portion of the increased local retirement rate certified by the Virginia Retirement System after submission to the Governor's budget. Items 64, 65, 66, 69 and 70 include companion amendments related to these increased rates.)

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