McAuliffe and assembly budget leaders agreed this year to establish a new cash reserve fund with at least $35 million expected to be collected through a new tax amnesty program the state launched recently. The budget predicts as much as $90 million in additional revenues from the amnesty collection of past due taxes, while requiring any excess funds to be deposited in the new reserve.

In August, the governor proposed, as Jones and other assembly leaders had urged, to put an estimated $121.5 million in excess revenues from the last fiscal year into the new fund, which will boost its balance above $155 million without the additional money expected from the amnesty.

The target of $380 million is based in part on the constitutional prohibition on withdrawing money from the rainy day fund unless revenues fall short of projections by more than 2 percent. The new reserve would give the state a backup fund in case revenues fall short by less than that threshold, said Robert P. Vaughn, staff director of the appropriations committee.

Virginia’s revenue outlook continues to improve in this fiscal year, after ending the last one with an additional $136.5 million. The state’s general fund revenues grew by 5.5 percent in September compared with the same month a year ago, even though there was one less payroll deposit day this year.