                                 CODE OF VIRGINIA

FILING OF SIX-YEAR FINANCIAL OUTLINE BY GOVERNOR (§ 2.2-1503.1)

A. On or before the first day of each regular session of the General Assembly,
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&#8217;s biennial budget submitted pursuant to subsection A of
&#xA7; 2.2-1508; (ii) (a) estimates of anticipated general fund and nongeneral
fund revenue prepared for an additional period of four years pursuant to &#xA7;
2.2-1503, (b) alternative estimates of general and nongeneral fund revenues
based on the below-baseline economic assumptions presented to the
Governor&#8217;s Advisory Council on Revenue Estimates, and (c) revenue
estimates for the general fund and nongeneral fund based on the above-baseline
economic assumptions presented to the Governor&#8217;s Advisory Council on
Revenue Estimates; 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 &#xA7; 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.

HISTORY: 2002, cc. 480, 486; 2024, cc. 203, 238; 2025, c. 636.