4.1-116 - Disposition of moneys collected by Board; creation of Enterprise Fund; reserve fund.
§ 4.1-116. Disposition of moneys collected by Board; creation of EnterpriseFund; reserve fund.
A. All moneys collected by the Board shall be paid directly and promptly intothe state treasury, or shall be deposited to the credit of the StateTreasurer in a state depository, without any deductions on account ofsalaries, fees, costs, charges, expenses, refunds or claims of anydescription whatever, as required by § 2.2-1802.
All moneys so paid into the state treasury, less the net profits determinedpursuant to subsection C, shall be set aside as and constitute an EnterpriseFund, subject to appropriation, for the payment of (i) the salaries andremuneration of the members, agents, and employees of the Board and (ii) allcosts and expenses incurred in establishing and maintaining government storesand in the administration of the provisions of this title, including thepurchasing, building, leasing and operation of distilleries and themanufacture of alcoholic beverages.
B. The net profits derived under the provisions of this title shall betransferred by the Comptroller to the general fund of the state treasuryquarterly, within fifty days after the close of each quarter or as otherwiseprovided in the appropriation act. As allowed by the Governor, the Board maydeduct from the net profits quarterly a sum for the creation of a reservefund not exceeding the sum of $2.5 million in connection with theadministration of this title and to provide for the depreciation on thebuildings, plants and equipment owned, held or operated by the Board.
C. The term "net profits" as used in this section means the total of allmoneys collected by the Board less all costs, expenses and charges authorizedby this section.
(Code 1950, §§ 4-22, 4-23; 1960, c. 104; 1962, c. 385; 1964, c. 215; 1966, c.431; 1968, c. 623; 1970, c. 727; 1972, cc. 138, 849; 1973, c. 349; 1974, c.460; 1981, c. 514; 1982, c. 540; 1983, c. 427; 1984, c. 105; 1985, c. 222;1993, c. 866.)