Know Your Issues: Ballot Question 3

Information for this article was taken from the Virginia Board of Elections and the Fairfax County Office of Elections.

The QUESTION

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 EXPLANATION
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.

The 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.

The RESPONSE

State Senator Toddy Puller supports the question, but with qualifications.

According to Puller: "I'm in favor of the question, but I'm not sure that it needs to be as high as 15 percent."

Read about Ballot Question 1, about tax exemptions for seniors, here.

Read about Ballot Question 2, about tax exemptions for wounded service personnel, here.