2.2-1503 - Filing of six-year revenue plan by Governor.
§ 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 themembers of the General Assembly an estimate of anticipated general fundrevenue, an estimate of anticipated transportation fund revenues, andestimates of anticipated revenues for each of the remaining major nongeneralfunds, for a prospective period of six years.
The Governor's estimates of anticipated general, transportation, and othernongeneral 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 economicassumptions and technical econometric methodology. The Joint Advisory Boardof Economists (the Board) is established as an advisory board, within themeaning of § 2.2-2100, in the executive branch of state government for suchpurpose. The Board shall be chaired by the Secretary of Finance, and consistof the Staff Director of the House Committee on Appropriations, the StaffDirector of the Senate Committee on Finance, and 15 nonlegislative citizenmembers, 12 to be appointed by the Governor, at least eight being citizens ofthe Commonwealth, and three by the Joint Rules Committee, at least two beingcitizens of the Commonwealth. The 15 nonlegislative citizen members of theBoard shall (i) be economists from either the public or private sector; (ii)serve at the pleasure of the appointing authority; (iii) be citizens of theUnited States with at least 10 being citizens of the Commonwealth; (iv) havetheir vacancies filled in the same manner as the original appointments; and(v) not receive compensation for their services, but shall be reimbursed forall reasonable and necessary expenses for the performance of their duties asprovided in §§ 2.2-2813 and 2.2-2825. Funding for the costs of expenses ofthe members shall be provided by the Department of Taxation. The Departmentof Taxation shall provide staff support. A majority of the members of theBoard shall constitute a quorum. Meetings of the Board shall be held upon thecall of the chairman or whenever a majority of the members so request.
3. Review by an advisory council of revenue estimates with respect toeconomic assumptions and the general economic climate of the Commonwealth.The Advisory Council on Revenue Estimates (the Council) is established as anadvisory council, within the meaning of § 2.2-2100, in the executive branchof state government for such purpose. The Council, of which the Governorshall be chairman, shall include the Speaker and Majority Leader of the Houseof Delegates; the President pro tempore and Majority Leader of the Senate;the Chairmen of the House Committee on Appropriations, the House Committee onFinance, and the Senate Committee on Finance or their designees; two membersof the House of Delegates to be appointed by the Speaker of the House, twomembers of the Senate to be appointed by the Chairman of the Senate Committeeon Finance; and nonlegislative citizen members representing the privatesector appointed by the Governor. Legislative members appointed shall serveterms coincident with their terms of office and nonlegislative citizenmembers shall serve at the pleasure of the Governor. All members shall becitizens of the Commonwealth. Vacancies shall be filled in the same manner asthe original appointments. Members shall not receive compensation for theirservices, but shall be reimbursed for all reasonable and necessary expensesfor 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 theDepartment of Taxation. The Department of Taxation shall provide staffsupport. 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 orwhenever 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 inaccordance with subsection A, he shall also submit any alternative generalfund revenue forecasts considered by the Advisory Council on RevenueEstimates.
(1975, c. 501, § 2.1-63.02; 1976, c. 760, § 2.1-393; 1978, c. 802; 1981, c.83; 1984, c. 473; 1985, c. 448; 2001, c. 844; 2003, c. 612; 2004, c. 1000;2009, c. 537; 2010, c. 422.)