                                 CODE OF VIRGINIA

FILING OF SIX-YEAR REVENUE PLAN BY GOVERNOR (§ 2.2-1503)

A. In every year, the Governor shall by December 15 prepare and submit to the
members of the General Assembly an estimate of anticipated general fund revenue,
an estimate of anticipated transportation fund revenues, and estimates of
anticipated revenues for each of the remaining major nongeneral funds, for a
prospective period of six years.
			The Governor&#8217;s estimates of anticipated general, transportation, and
other nongeneral fund revenues shall be based on the following:

   1. Forecasts of economic activity in the Commonwealth.

   2. Review by an advisory board of economists with respect to economic
   assumptions and technical econometric methodology. The Joint Advisory Board of
   Economists (the Board) is established as an advisory board, within the meaning
   of &#xA7; 2.2-2100, in the executive branch of state government for such
   purpose. The Board shall be chaired by the Secretary of Finance, and consist
   of the Staff Director of the House Committee on Appropriations, the Staff
   Director of the Senate Committee on Finance and Appropriations, and 15
   nonlegislative citizen members, 12 to be appointed by the Governor, at least
   eight being citizens of the Commonwealth, and three by the Joint Rules
   Committee, at least two being citizens of the Commonwealth. The 15
   nonlegislative citizen members of the Board shall (i) be economists from
   either the public or private sector; (ii) serve at the pleasure of the
   appointing authority; (iii) be citizens of the United States with at least 10
   being citizens of the Commonwealth; (iv) have their vacancies filled in the
   same manner as the original appointments; and (v) not receive compensation for
   their services, but shall be reimbursed for all reasonable and necessary
   expenses for the performance of their duties as provided in &#xA7;&#xA7;
   2.2-2813 and 2.2-2825. Funding for the costs of expenses of the members shall
   be provided by the Department of Taxation. The Department of Taxation shall
   provide staff support. A majority of the members of the Board shall constitute
   a quorum. Meetings of the Board shall be held upon the call of the chairman or
   whenever a majority of the members so request.

   3. Review by an advisory council of revenue estimates with respect to economic
   assumptions and the general economic climate of the Commonwealth. The Advisory
   Council on Revenue Estimates (the Council) is established as an advisory
   council, within the meaning of &#xA7; 2.2-2100, in the executive branch of
   state government for such purpose. The Council, of which the Governor shall be
   chairman, shall include the Speaker and Majority Leader of the House of
   Delegates; the President pro tempore and Majority Leader of the Senate; the
   Chairmen of the House Committee on Appropriations, the House Committee on
   Finance, and the Senate Committee on Finance and Appropriations or their
   designees; two members of the House of Delegates to be appointed by the
   Speaker of the House, two members of the Senate to be appointed by the
   Chairman of the Senate Committee on Finance and Appropriations; and 15 to 20
   nonlegislative citizen members representing the private sector appointed by
   the Governor. Legislative members appointed shall serve terms coincident with
   their terms of office and nonlegislative citizen members shall serve at the
   pleasure of the Governor. All members shall be citizens of the Commonwealth.
   Vacancies shall be filled in the same manner as the original appointments.
   Members shall not receive compensation for their services, but shall be
   reimbursed for all reasonable and necessary expenses for the performance of
   their duties as provided in &#xA7;&#xA7; 2.2-2813 and 2.2-2825. Funding for
   the costs of expenses of the members shall be provided by the Department of
   Taxation. The Department of Taxation shall provide staff support. A majority
   of the members of the Council shall constitute a quorum. Meetings of the
   Council shall be held upon the call of the chairman or whenever a majority of
   the members so request.

   4. Any such other advisory bodies as the Governor may desire.

B. At the time the Governor submits the estimate of general fund revenues in
accordance with subsection A, he shall also submit any alternative general fund
revenue forecasts considered by the Advisory Council on Revenue Estimates.

HISTORY: 1975, c. 501, § 2.1-63.02; 1976, c. 760, § 2.1-393; 1978, c. 802;
1981, c. 83; 1984, c. 473; 1985, c. 448; 2001, c. 844; 2003, c. 612; 2004, c.
1000; 2009, c. 537; 2010, c. 422; 2011, cc. 691, 714.