Bill Text: VA HB712 | 2024 | Regular Session | Chaptered
Bill Title: Six-year financial plan; modifies requirements for plans submitted by Governor to General Assembly.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2024-03-28 - Governor: Acts of Assembly Chapter text (CHAP0203) [HB712 Detail]
Download: Virginia-2024-HB712-Chaptered.html
Be it enacted by the General Assembly of Virginia:
1. That §2.2-1503.1 of the Code of Virginia is amended and reenacted as follows:
§2.2-1503.1. Filing of six-year financial outline by Governor.
A. On or before the first day of each regular session
of the General Assembly held in an even-numbered year, the Governor
shall prepare and submit to the members of the General Assembly a financial
plan for a prospective period of six years. The plan shall consist of (i) the
Governor's biennial budget submitted pursuant to subsection A of §2.2-1508,
(ii) estimates of anticipated general fund and nongeneral fund revenue prepared
for an additional period of four years pursuant to §2.2-1503, and (iii) estimates
of the general and nongeneral fund appropriations required for each major
program for an additional period of four years. In preparing such financial
plan, the Governor may utilize the estimate prepared by each agency pursuant to
§2.2-1504, or such other information as he may deem necessary.
B. The financial plan required by this section shall ensure a structural balance between the projected revenues described in clause (ii) of subsection A and the projected expenditures described in clause (iii) of subsection A consistent with the provisions of Article X, Section 7 of the Constitution of Virginia.
