§ 5.1-2.2:3 Transparency and accountability in the use of Commonwealth Aviation Fund revenues
A. By November 1 of each year, the Board shall report to the Governor and the General Assembly on the use of Commonwealth Aviation Fund revenues the previous fiscal year. The report shall include at a minimum the following:
1. The use of entitlement funds allocated pursuant to subdivision B 1 of § 33.2-1526.6 by each air carrier airport, including the amount of funds that are unobligated;
2. The award and use of discretionary funds allocated for air carrier and reliever airports pursuant to subdivision B 2 a (1) of § 33.2-1526.6 by every such airport;
3. The award and use of discretionary funds allocated for general aviation airports pursuant to subdivision B 2 a (2) of § 33.2-1526.6 by every such airport; and
4. The award and use of discretionary funds allocated for all airports pursuant to subdivision B 2 b of § 33.2-1526.6 by every such airport. Such report shall also include the status of ongoing projects funded in whole or in part by the Commonwealth Aviation Fund pursuant to § 33.2-1526.6.
B. Each year prior to the release of entitlement funds allocated pursuant to subdivision B 1 of § 33.2-1526.6, each air carrier airport shall submit a plan that outlines the planned use of such funds for the upcoming fiscal year to the Board for review and approval. The Board shall approve such plan provided that the use of funds is in accordance with Board policies. An airport may modify its plan during a fiscal year by submitting a revised plan to the Board for review.
C. The Board shall have the right to withhold entitlement funds allocated pursuant to subdivision B 1 of § 33.2-1526.6 in the event that the entitlement utilization plan is not approved by the Board or the airport uses the funds in a manner that is inconsistent with the approved plan.
History
This law was first created in 2017. The record of its establishment is cataloged in chapter 709 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 2018, chapter 506; in 2020, chapters 1230 and 1275.
2017, c. 709; 2018, c. 506; 2020, cc. 1230, 1275.