Virginia Revenue Stabilization Fund Amendment, Question 3 (2010)
|I • II • III • IV • V • VI • VII • VIII • IX • X • XI • XII • Schedule|
- 1 Election results
- 2 Text of measure
- 3 Support
- 4 Opposition
- 5 Nonpartisan ratings
- 6 Campaign contributions
- 7 Media editorial positions
- 8 Path to the ballot
- 9 See also
- 10 External links
- 11 Additional reading
- 12 References
Virginia was one of five states that put a ballot question involving revenue stabilization or rainy day funds on the November 2010 ballot.
- See also: 2010 ballot measure election results
|Question 3 (Stabilization Fund)|
Text of measure
The ballot question read:
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?
The following is the official summary of the proposed amendment from the Virginia State Board of Elections.
The Revenue Stabilization Fund is used to offset shortfalls in anticipated revenues in any given year, and is designed to provide a cushion in the event of an economic downturn. The Virginia 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.
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 previous three fiscal years.
There were no committees or organizations in opposition to Question 3.
National Taxpayers Union
There have were no committees registered to support or oppose the referendum.
According to state law, any organization that planned to influence a statewide measure was not required to register with the State Board of Elections until meeting the minimum $10,000 registration threshold. A committee, however, was required to register with the Board if they planned to raise or spend more than $10,000. The $10,000 threshold had been in law since 2004.
Media editorial positions
- The Virginian Pilot (Hampton Roads) supported Question 3. The newspaper's editorial board said that voter approval of Question 3 would allow the state's rainy day fund to be better positioned for another economic downturn. However, they dismissed the notion that expanding the Rainy Day Fund to $2 billion is realistic. At the time, the size of the Rainy Day Fund was $295 million.
- The Washington Post supported Question 3. The editorial board favored raising the required percentage in the rainy day fund from ten to fifteen percent.
- The Loudoun Times opposed Question 3. The editorial board said that they agreed with making sure there was enough money in the rainy day fund to weather an economic downturn, however the board found no evidence that would support increasing the size of the fund.
Path to the ballot
- WDBJ7 Election 2010: News 7 takes a look at amendments you'll see on the November ballot," October 25, 2010
- WTOP, "Va. voters to decide on tax, savings amendments," October 25, 2010
- Richmond Times-Dispatch, "Three amendments on ballot in Va.," September 28, 2010
- Watchdog.org, "Confused voters narrowly approve Virginia rainy day amendment," November 9, 2010
- Virginia General Assembly, "SB 362 full text," accessed June 14, 2010
- Twitter, "Virginia State Board of Elections Twitter post," November 23, 2010
- Virginia State Board of Elections, "Revenue Stabilization Fund Summary (2010)"
- Sun-Gazette, "County Democrats Back State Constitutional Amendments," August 17, 2010
- [Confirmed via email on 08-26-2010]
- National Taxpayers Union, "2010 Ballot Guide"(See Page 21)
- [Confirmed with Virginia State Board of Elections via phone on September 28, 2010]
- Virginia State Board of Elections, "Virginia Referendum Committee Summary"(See Section 2.1, Page 13)
- Virginia State Board of Elections, "Which Reports are Available Online?"(See PAC, Party, Referendum, and Inaugural Committees)
- The Virginian Pilot, "A chance to say 'Yes' on Nov. 2," October 27, 2010
- Washington Post, "Virginia's ballot questions," October 30, 2010
- Loudon Times, "EDITORIAL: Constitutional amendments: Two and a half thumbs-up ," October 26, 2010
- Virginia General Assembly, "SB 362 history," accessed June 14, 2010
State of Virginia
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