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.