Bill Text: VA HB944 | 2010 | Regular Session | Chaptered
Bill Title: Governor's reports; to provide monthly reports on revenue collections and quarterly assessments.
Spectrum: Moderate Partisan Bill (Republican 8-1)
Status: (Passed) 2010-04-11 - Governor: Acts of Assembly Chapter text (CHAP0422) [HB944 Detail]
Download: Virginia-2010-HB944-Chaptered.html
Be it enacted by the General Assembly of Virginia: 1. That §§2.2-1503 and 2.2-1513 of the Code of Virginia are amended and reenacted as follows: §2.2-1503. Filing of six-year revenue plan by Governor. A. In every year, the Governor shall by December 15 prepare and submit to the members of the General Assembly an estimate of anticipated general fund revenue, an estimate of anticipated transportation fund revenues, and estimates of anticipated revenues for each of the remaining major nongeneral funds, for a prospective period of six years. The Governor's estimates of anticipated general, transportation, and other nongeneral fund revenues shall be based on the following: 1. Forecasts of economic activity in the Commonwealth. 2. Review by an advisory board of economists with respect to
economic assumptions and technical econometric methodology. The Joint Advisory
Board of Economists (the Board) is established as an advisory board, within the
meaning of §2.2-2100, in the executive branch of state government for such
purpose. The Board shall be chaired by the Secretary of Finance, and
consist of the Staff Director of the House Committee on Appropriations, the
Staff Director of the Senate Committee on Finance, and 15 nonlegislative
citizen members, 12 to be appointed by the Governor, at least eight
being citizens of the Commonwealth, and three by the Joint Rules Committee, at
least two being citizens of the Commonwealth. 3. Review by an advisory council of revenue estimates with
respect to economic assumptions and the general economic climate of the
Commonwealth. The Advisory Council on Revenue Estimates (the Council) is
established as an advisory council, within the meaning of §2.2-2100, in the
executive branch of state government for such purpose. The Council, of which
the Governor shall be chairman, shall include the Speaker and Majority
Leader of the House of Delegates 4. Any such other advisory bodies as the Governor may desire. B. At the time the Governor submits the estimate of general fund revenues in accordance with subsection A, he shall also submit any alternative general fund revenue forecasts considered by the Advisory Council on Revenue Estimates. §2.2-1513. Submission of additional information to legislative committees. A. To enable the House Committee on Appropriations, the House Committee on Finance, and the Senate Committee on Finance to perform their prescribed duties, the Governor shall provide: 1. Written monthly reports on the status of revenue collections relative to the current fiscal year's estimate; and 2. Written quarterly assessments of the current economic outlook for the Commonwealth relative to the current fiscal year. B. In addition, all departments, agencies and institutions of the Commonwealth, their staff and employees shall, upon request, provide such committees with any additional information, as may be deemed necessary, and allow such committees ample opportunity to observe the department's, agency's, or institution's daily operations. |