Virginia Question 3, State Revenue Stabilization Fund Amendment (2010).
| Virginia Question 3 | |
|---|---|
|
|
|
| Election date |
|
| Topic State and local government budgets, spending, and finance |
|
| Status |
|
| Type Legislatively referred constitutional amendment |
Origin |
Virginia Question 3 was on the ballot as a legislatively referred constitutional amendment in Virginia on November 2, 2010. It was approved.
A “yes” vote supported increasing the state's revenue stabilization fund to 15% of the average annual tax revenues from income and sales taxes for the preceding three fiscal years. |
A “no” vote opposed increasing the state's revenue stabilization fund to 15% of the average annual tax revenues from income and sales taxes for the preceding three fiscal years. |
Election results
|
Virginia Question 3 |
||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
|
|
1,059,696 | 51.15% | ||
| No | 1,011,963 | 48.85% | ||
Text of measure
Ballot title
The ballot title for Question 3 was as follows:
| “ | 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? | ” |
Constitutional changes
The measure amended Section 8 of Article X of the Virginia Constitution.
Note: Hover over the text and scroll to see the full text.
Section 8. Limit of tax or revenue; Revenue Stabilization Fund.
No other or greater amount of tax or revenues shall, at any time, be levied than may be required for the necessary expenses of the government, or to pay the indebtedness of the Commonwealth.
The General Assembly shall establish the Revenue Stabilization Fund. The Fund shall consist of an amount not to exceed ten fifteen percent of the Commonwealth's average annual tax revenues derived from taxes on income and retail sales as certified by the Auditor of Public Accounts for the three fiscal years immediately preceding. The Auditor of Public Accounts shall compute the ten fifteen percent limitation of such fund annually and report to the General Assembly not later than the first day of December. "Certified tax revenues" means the Commonwealth's annual tax revenues derived from taxes on income and retail sales as certified by the Auditor of Public Accounts.
The General Assembly shall make deposits to the Fund to equal at least fifty percent of the product of the certified tax revenues collected in the most recently ended fiscal year times the difference between the annual percentage increase in the certified tax revenues collected for the most recently ended fiscal year and the average annual percentage increase in the certified tax revenues collected in the six fiscal years
immediately preceding the most recently ended fiscal year. However, growth in certified tax revenues, which is the result of either increases in tax rates on income or retail sales or the repeal of exemptions therefrom, may be excluded, in whole or in part, from the computation immediately preceding for a period of time not to exceed six calendar years from the calendar year in which such tax rate increase or exemption repeal was effective. Additional appropriations may be made at any time so long as the ten fifteen percent limitation established herein is not exceeded. All interest earned on the Fund shall be part thereof; however, if the Fund's balance exceeds the limitation, the amount in excess of the limitation shall be paid into the general fund after appropriation by the General Assembly.
The General Assembly may appropriate an amount for transfer from the Fund to compensate for no more than one-half of the difference between the total general fund revenues appropriated and a revised general fund revenue forecast presented to the General Assembly prior to or during a subsequent regular or special legislative session. However, no transfer shall be made unless the general fund revenues appropriated exceed such revised general fund revenue forecast by more than two percent of certified tax revenues collected in the most recently ended fiscal year. Furthermore, no appropriation or transfer from such fund in any fiscal year shall exceed more than one-half of the balance of the Revenue Stabilization Fund. The General Assembly may enact such laws as may be necessary and appropriate to implement the Fund.[1]
Path to the ballot
- See also: Amending the Virginia Constitution
A simple majority vote is required during two successive legislative sessions for the Virginia General Assembly to place a constitutional amendment on the ballot. That amounts to a minimum of 51 votes in the Virginia House of Delegates and 21 votes in the Virginia State Senate, assuming no vacancies. Amendments do not require the governor's signature to be referred to the ballot.
See also
External links
- Virginia Department of Elections, "Historical Elections Database"
- Martinsville Bulletin, "Sample ballots for Tuesday's election," October 31, 2010
Footnotes
- ↑ Note: This text is quoted verbatim from the original source.
 |
State of Virginia Richmond (capital) |
|---|---|
| Elections |
What's on my ballot? | Elections in 2025 | How to vote | How to run for office | Ballot measures |
| Government |
Who represents me? | U.S. President | U.S. Congress | Federal courts | State executives | State legislature | State and local courts | Counties | Cities | School districts | Public policy |
