                                 CODE OF VIRGINIA

ANNUAL BUDGET (§ 33.2-298)

The Authority shall prepare and submit a detailed annual operating plan and
budget to the Transportation Board by February 1 of each fiscal year. The
Authority shall also prepare and submit for approval any proposed capital
expenditures and projects for the following fiscal year to the Transportation
Board by February 1. The Transportation Board shall have until May 30 to approve
or deny any capital expenditures, and, in the event the Transportation Board has
not approved or denied the Authority&#8217;s proposed capital expenditures by
such deadline, such expenditures shall be deemed approved. The operating plan
and budget shall be in a form prescribed by the Transportation Board and shall
include information on expenditures, indebtedness, and other information as
prescribed by the Transportation Board.

HISTORY: 2020, cc. 1230, 1275.