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2010 SESSION
10105302DBe it enacted by the General Assembly of Virginia:
1. That §§ 2.2-1503 and 2.2-1513 of the Code of Virginia are amended and reenacted as follows:
§ 2.2-1503. Filing of six-year revenue plan by Governor.
A. In every year, the Governor shall by December 15 prepare and submit to the members of the General Assembly an estimate of anticipated general fund revenue, an estimate of anticipated transportation fund revenues, and estimates of anticipated revenues for each of the remaining major nongeneral funds, for a prospective period of six years.
The Governor's estimates of anticipated general, transportation, and other nongeneral fund revenues shall be based on the following:
1. Forecasts of economic activity in the Commonwealth.
2. Review by an advisory board of economists with respect to
economic assumptions and technical econometric methodology. The Joint Advisory
Board of Economists (the Board) is established as an advisory board, within the
meaning of § 2.2-2100, in the executive branch of state government for such
purpose. The Board shall be chaired by the Secretary of Finance, and
consist of the Staff Director of the House Committee on Appropriations, the
Staff Director of the Senate Committee on Finance, and 15 nonlegislative
citizen members, 12 to be appointed by the Governor and three by the
Joint Rules Committee. Members The 15 nonlegislative citizen
members of the Board shall (i) be economists from either the public
or private sector and shall; (ii) serve at the pleasure of the
Governor. All members shall appointing authority; (iii) be citizens
of the Commonwealth United States with at least 10 being citizens of
the Commonwealth. Vacancies shall be; (iv) have their vacancies
filled in the same manner as the original appointments. Members shall;
and (v) not receive compensation for their services, but shall be
reimbursed for all reasonable and necessary expenses for the performance of
their duties as provided in §§ 2.2-2813 and 2.2-2825. Funding for the costs of
expenses of the members shall be provided by the Department of Taxation. The
Department of Taxation shall provide staff support. A majority of the members
of the Board shall constitute a quorum. Meetings of the Board shall be held
upon the call of the chairman or whenever a majority of the members so request.
3. Review by an advisory council of revenue estimates with
respect to economic assumptions and the general economic climate of the
Commonwealth. The Advisory Council on Revenue Estimates (the Council) is
established as an advisory council, within the meaning of § 2.2-2100, in the
executive branch of state government for such purpose. The Council shall
include the Speaker and Majority Leader of the House of Delegates,;
the President pro tempore and Majority Leader of the Senate,; the
Chairmen of the House Committee on Appropriations, the House Committee on
Finance, and the Senate Committee on Finance or their designees,; two
members of the House of Delegates to be appointed by the Speaker of the House,
two members of the Senate to be appointed by the Chairman of the Senate
Committee on Finance; and nonlegislative citizen members representing the
private sector appointed by the Governor. Legislative members appointed shall
serve terms coincident with their terms of office and nonlegislative citizen
members shall serve at the pleasure of the Governor. All members shall be
citizens of the Commonwealth. Vacancies shall be filled in the same manner as
the original appointments. Members shall not receive compensation for their
services, but shall be reimbursed for all reasonable and necessary expenses for
the performance of their duties as provided in §§ 2.2-2813 and 2.2-2825.
Funding for the costs of expenses of the members shall be provided by the
Department of Taxation. The Department of Taxation shall provide staff support.
A majority of the members of the Council shall constitute a quorum. Meetings of
the Council shall be held upon the call of the chairman or whenever a majority
of the members so request.
4. Any such other advisory bodies as the Governor may desire.
B. At the time the Governor submits the estimate of general fund revenues in accordance with subsection A, he shall also submit any alternative general fund revenue forecasts considered by the Advisory Council on Revenue Estimates.
§ 2.2-1513. Submission of additional information to legislative committees.
A. To enable the House Committee on Appropriations, the House Committee on Finance, and the Senate Committee on Finance to perform their prescribed duties, the Governor shall provide:
1. Written monthly reports on the status of revenue collections relative to the current fiscal year's estimate; and
2. Written quarterly assessments of the current economic outlook for the Commonwealth relative to the current fiscal year.
B. In addition, all departments, agencies and institutions of the Commonwealth, their staff and employees shall, upon request, provide such committees with any additional information, as may be deemed necessary, and allow such committees ample opportunity to observe the department's, agency's, or institution's daily operations.