                                 CODE OF VIRGINIA

BUDGET BILL TO INCLUDE APPROPRIATIONS FOR CAPITAL OUTLAY PROJECTS (§
2.2-1509.1)

A. For purposes of this section:
			&#8220;Projected general fund revenues&#8221; for a fiscal year means the
estimated general fund revenues for such year as contained in the six-year
revenue plan submitted in the prior calendar year pursuant to &#xA7; 2.2-1503.
			&#8220;Capital outlay project&#8221; means the same as that term is defined
in &#xA7; 2.2-1515.

B. In &#8220;The Budget Bill&#8221; submitted pursuant to § 2.2-1509, the
Governor shall provide for the funding of capital outlay projects, as specified
herein. Such funding recommendations shall be in addition to any appropriation
for capital outlay projects from the Central Maintenance Reserve of the general
appropriation act.

   1. The Governor shall include in &#8220;The Budget Bill&#8221; submitted
   pursuant to &#xA7; 2.2-1509 a biennial appropriation for the capital outlay
   plan described in &#xA7; 2.2-1518. The biennial appropriation shall not be
   less than two percent of the projected general fund revenues for the biennium.
   				a. When the projected general fund revenues for a fiscal year or years are
   eight percent or greater than the projected general fund revenues for the
   immediately preceding fiscal year the amount of the biennial appropriation for
   the capital outlay plan that the Governor shall provide from general fund
   revenues shall not be less than two percent of the projected general fund
   revenues for each fiscal year.
   				b. When the projected general fund revenues for a fiscal year or years are
   at least five percent but less than eight percent greater than the projected
   general fund revenues for the immediately preceding fiscal year, the Governor
   may recommend funding of up to one-half of the required biennial appropriation
   from alternative financing mechanisms, including, but not limited to, bonded
   indebtedness. The Governor shall submit such bill or bills for consideration
   by the General Assembly as are necessary to implement such alternative
   financings, and shall include in &#8220;The Budget Bill&#8221; submitted
   pursuant to &#xA7; 2.2-1509 proposed appropriations from general fund revenues
   for the remaining one-half of the required biennial appropriation.
   				c. When the projected general fund revenues for a fiscal year or years are
   less than five percent greater than the projected general fund revenues for
   the immediately preceding fiscal year, the Governor may recommend funding of
   up to the entire required biennial appropriation from alternative financing
   mechanisms, including, but not limited to, bonded indebtedness. The Governor
   shall submit such bill or bills for consideration by the General Assembly as
   are necessary to implement such alternative financings.

   2. In implementing the provisions of this section, the amount of general funds
   to be included in the biennial appropriation for the capital outlay plan shall
   be calculated on a year-to-year basis, but may be apportioned on a biennial
   basis; provided, however, that the combined total of general fund
   appropriations and alternative financing mechanisms for the capital outlay
   plan included in &#8220;The Budget Bill&#8221; submitted pursuant to &#xA7;
   2.2-1509 shall equal at least two percent of the projected general fund
   revenues for the biennium.

C. The capital outlay projects proposed under this section and to be included in
&#8220;The Budget Bill&#8221; submitted pursuant to &#xA7; 2.2-1509 shall be
consistent, as far as practicable, with those capital outlay projects included
in the corresponding fiscal year of the current six-year capital outlay plan
described in &#xA7; 2.2-1518.

HISTORY: 2002, cc. 839, 888; 2008, Sp. Sess. I, cc. 1, 2.