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2002 SESSION

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HB 288 Capital improvement plan and budget recommendations.

Introduced by: Robert F. McDonnell | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Capital improvement plan and budget recommendations. Provides that a capital improvement plan and budget recommendations for capital projects shall be submitted to the General Assembly every two years, in the second fiscal year of each biennium. The capital improvement plan lists projects that the Governor recommends be undertaken in the succeeding six fiscal years. The plan is to be submitted no later than August 15. For each fiscal year of the six-year plan, funding from the general fund for capital improvements and projects must equal at least two percent of the anticipated general fund revenues for the fiscal year. In the event that general fund revenue growth is projected to be less than five percent, the Governor shall propose alternative financing mechanisms for funding capital projects.

The budget bill shall contain appropriations for capital projects that are consistent with those capital projects included in the capital improvement plan for the corresponding fiscal year. In addition, the funding sources for capital improvements and projects recommended in the budget bill shall be a portion of general fund revenues based on certain criteria.


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