15.2-2503 - Time for preparation and approval of budget; contents. - Virginia Statutes

§ 15.2-2503. Time for preparation and approval of budget; contents.

All officers and heads of departments, offices, divisions, boards,commissions, and agencies of every locality shall, on or before the first dayof April of each year, prepare and submit to the governing body an estimateof the amount of money needed during the ensuing fiscal year for hisdepartment, office, division, board, commission or agency. If such persondoes not submit an estimate in accordance with this section, the clerk of thegoverning body or other designated person or persons shall prepare and submitan estimate for that department, office, division, board, commission oragency.

The governing body shall prepare and approve a budget for informative andfiscal planning purposes only, containing a complete itemized and classifiedplan of all contemplated expenditures and all estimated revenues andborrowings for the locality for the ensuing fiscal year. The governing bodyshall approve the budget and fix a tax rate for the budget year no later thanthe date on which the fiscal year begins. The governing body shall annuallypublish the approved budget on the locality's website, if any, or shallotherwise make the approved budget available in hard copy as needed tocitizens for inspection.

(Code 1950, § 15-575; 1959, Ex. Sess., c. 69; 1962, c. 623, § 15.1-160; 1976,c. 762; 1978, c. 551; 1997, c. 587; 2008, c. 353.)