General fund appropriations; automatic reduction by Governor. (HB108)
Introduced By
Del. Bob Purkey (R-Virginia Beach) with support from co-patron Del. Jeff Frederick (R-Woodbridge)
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Automatic reduction in general fund appropriations by Governor. Requires the Governor, whenever general fund revenue collections for a period of six months or more show that year-to-date revenue growth is in excess of 1% below the official estimate upon which the appropriation act is based for such fiscal year, to 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. Such action shall be communicated to the chairmen of the money committees within five days of its adoption. Amends § 2.2-1515 (“Definitions.”), of the Code of Virginia. View Full Text »
