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2004 SESSION

047487472
HOUSE BILL NO. 110
Offered January 14, 2004
Prefiled December 22, 2004
A BILL to amend the Code of Virginia by adding in Chapter 15 of Title 2.2 a section numbered 2.2-1515, relating to reduction in appropriations due to revenue shortfall.
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Patron-- Purkey
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Referred to Committee on Appropriations
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Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Chapter 15 of Title 2.2 a section numbered 2.2-1515 as follows:

§ 2.2-1515. Automatic withholding of appropriations.

Whenever the monthly general fund revenue report containing total general fund revenues and net lottery profits for a period of six months or more shows that the year-to-date revenue growth is in excess of one percent below the official estimate upon which the appropriation act is based for such fiscal year, the Governor shall institute an across-the-board percentage reduction in general fund appropriations to all executive branch agencies, which shall equal at least one-half of the revenue shortfall. No agency shall be exempt from such across-the-board reduction unless the Governor certified the reduction would affect the public safety of the citizens of the Commonwealth. The required appropriations reduction shall be communicated to the chairmen of the House Appropriations, House Finance and Senate Finance Committees within five days of its adoption.