                                 CODE OF VIRGINIA

REESTIMATE OF GENERAL FUND REVENUES (§ 2.2-1503.3)

Within five business days after the preliminary close of the
Commonwealth&#8217;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&#8217;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.

HISTORY: 2003, c. 14.