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2002 SESSION

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SB 402 Capital improvement plan and budget recommendations.

Introduced by: John H. Chichester | all patrons    ...    notes | add to my profiles

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

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 November 1. In each budget bill introduced in a regular session of the General Assembly held in an even-numbered year, the Governor shall provide a biennial appropriation for capital projects in an amount not less than two percent of the projected general fund revenues for the biennium. The source of funding for the proposed capital projects depends on the projected general fund revenue growth for each year of the biennium, and shall include funding from the general fund if a certain level of general fund revenue growth is projected.

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.

The bill also provides that the amount of general funds not otherwise reserved or designated at the end of a fiscal year shall be designated for nonrecurring expenditures.

The bill also expresses the intent of the General Assembly that certain parks, educational institutions, Virginia College Building Authority and Virginia Public Building Authority capital projects shall be funded with general funds, to the extent practicable. In addition, the bill provides that the Commonwealth may not issue more than $250 million in annual debt to fund such projects.


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