2025 SESSION

INTRODUCED

25102891D

SENATE BILL NO. 1474

Offered January 17, 2025

A BILL to amend and reenact § 2.2-1503.1 of the Code of Virginia, relating to filing of six-year financial outline; alternative recession estimates.

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Patron—Lucas

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Referred to Committee on Finance and Appropriations

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Be it enacted by the General Assembly of Virginia:

1. That § 2.2-1503.1 of the Code of Virginia is amended and reenacted as follows:

§ 2.2-1503.1. Filing of six-year financial outline by Governor.

A. On or before the first day of each regular session of the General Assembly, the Governor shall prepare and submit to the members of the General Assembly a financial plan for a prospective period of six years. The plan shall consist of (i) the Governor's biennial budget submitted pursuant to subsection A of § 2.2-1508, (ii) (a) estimates of anticipated general fund and nongeneral fund revenue prepared for an additional period of four years pursuant to § 2.2-1503 and (b) alternative recession estimates of anticipated general fund and nongeneral fund revenue, and (iii) estimates of the general and nongeneral fund appropriations required for each major program for an additional period of four years. In preparing such financial plan, the Governor may utilize the estimate prepared by each agency pursuant to § 2.2-1504, or such other information as he may deem necessary.

B. The financial plan required by this section shall ensure a structural balance between the projected revenues described in clause (ii) of subsection A and the projected expenditures described in clause (iii) of subsection A consistent with the provisions of Article X, § Section 7 of the Constitution of Virginia.