Within five business days after the preliminary close of the Commonwealth's accounts at the end of each fiscal year, the State Comptroller shall submit to the Governor a comparison of the total of individual income, corporate income, and sales taxes collected for the fiscal year, with the totals of such taxes included in the official budget estimate for the fiscal year. If the comparison indicates that the total collection of such taxes as shown in the preliminary close is 1.0 percent or more below the total amount of such taxes as included in the official budget estimate for the fiscal year, the Governor shall prepare a reestimate of general fund revenues for the current biennium and the next biennium in accordance with the provisions of § 2.2-1503. The Governor's reestimate shall be reported to the chairman of the Senate Committee on Finance and Appropriations and the chairmen of the Finance and Appropriation Committees of the House of Delegates not later than September 1 following the close of the fiscal year.
2003, c. 14.
Structure Code of Virginia
Title 2.2 - Administration of Government
Chapter 15 - Department of Planning and Budget
§ 2.2-1500. Department of Planning and Budget created; appointment of Director; powers and duties
§ 2.2-1501. Duties of Department
§ 2.2-1501.1. Additional duties of Department; commercial activities list
§ 2.2-1502. Establishing regulations for preplanning of capital outlay projects
§ 2.2-1502.1. School efficiency review program
§ 2.2-1503. Filing of six-year revenue plan by Governor
§ 2.2-1503.1. Filing of six-year financial outline by Governor
§ 2.2-1503.3. Reestimate of general fund revenues
§ 2.2-1504. Estimates by state agencies of amounts needed
§ 2.2-1505. Estimates by nonstate agencies of amounts needed
§ 2.2-1506. Estimates of financial needs of General Assembly and judiciary
§ 2.2-1507. Participation of certain agencies in budget development process of other agencies
§ 2.2-1508. Submission of executive budget to General Assembly
§ 2.2-1509.1. Budget bill to include appropriations for capital outlay projects
§ 2.2-1509.2. Budget Bill to include amounts diverted from Commonwealth Transportation Fund
§ 2.2-1509.3. Budget bill to include appropriations for major information technology projects
§ 2.2-1509.4. Budget bill to include an appropriation for land preservation
§ 2.2-1510. Publication of budget highlights; public hearings
§ 2.2-1511. Consideration of budget by committees
§ 2.2-1512. Financial statements by Comptroller
§ 2.2-1513. Submission of additional information to legislative committees
§ 2.2-1514. (Contingent expiration date) Commitment of general fund for nonrecurring expenditures
§ 2.2-1514. (Contingent effective date) Commitment of general fund for nonrecurring expenditures