2.2-1509.1 - Budget bill to include appropriations for capital outlay projects.
§ 2.2-1509.1. Budget bill to include appropriations for capital outlayprojects.
A. For purposes of this section:
"Projected general fund revenues" for a fiscal year means the estimatedgeneral fund revenues for such year as contained in the six-year revenue plansubmitted in the prior calendar year pursuant to § 2.2-1503.
"Capital outlay project" means the same as that term is defined in §2.2-1515.
B. In "The Budget Bill" submitted pursuant to § 2.2-1509, the Governorshall provide for the funding of capital outlay projects, as specifiedherein. Such funding recommendations shall be in addition to anyappropriation for capital outlay projects from the Central MaintenanceReserve of the general appropriation act.
1. The Governor shall include in "The Budget Bill" submitted pursuant to §2.2-1509 a biennial appropriation for the capital outlay plan described in §2.2-1518. The biennial appropriation shall not be less than two percent ofthe projected general fund revenues for the biennium.
a. When the projected general fund revenues for a fiscal year or years areeight percent or greater than the projected general fund revenues for theimmediately preceding fiscal year the amount of the biennial appropriationfor the capital outlay plan that the Governor shall provide from general fundrevenues shall not be less than two percent of the projected general fundrevenues for each fiscal year.
b. When the projected general fund revenues for a fiscal year or years are atleast five percent but less than eight percent greater than the projectedgeneral fund revenues for the immediately preceding fiscal year, the Governormay recommend funding of up to one-half of the required biennialappropriation from alternative financing mechanisms, including, but notlimited to, bonded indebtedness. The Governor shall submit such bill or billsfor consideration by the General Assembly as are necessary to implement suchalternative financings, and shall include in "The Budget Bill" submittedpursuant to § 2.2-1509 proposed appropriations from general fund revenues forthe remaining one-half of the required biennial appropriation.
c. When the projected general fund revenues for a fiscal year or years areless than five percent greater than the projected general fund revenues forthe immediately preceding fiscal year, the Governor may recommend funding ofup to the entire required biennial appropriation from alternative financingmechanisms, including, but not limited to, bonded indebtedness. The Governorshall submit such bill or bills for consideration by the General Assembly asare necessary to implement such alternative financings.
2. In implementing the provisions of this section, the amount of generalfunds to be included in the biennial appropriation for the capital outlayplan shall be calculated on a year-to-year basis, but may be apportioned on abiennial basis; provided, however, that the combined total of general fundappropriations and alternative financing mechanisms for the capital outlayplan included in "The Budget Bill" submitted pursuant to § 2.2-1509 shallequal at least two percent of the projected general fund revenues for thebiennium.
C. The capital outlay projects proposed under this section and to be includedin "The Budget Bill" submitted pursuant to § 2.2-1509 shall be consistent,as far as practicable, with those capital outlay projects included in thecorresponding fiscal year of the current six-year capital outlay plandescribed in § 2.2-1518.
(2002, cc. 839, 888; 2008, Sp. Sess. I, cc. 1, 2.)