2.2-1503.3 - Reestimate of general fund revenues. - Virginia Statutes

§ 2.2-1503.3. Reestimate of general fund revenues.

Within five business days after the preliminary close of the Commonwealth'saccounts at the end of each fiscal year, the State Comptroller shall submitto the Governor a comparison of the total of individual income, corporateincome, and sales taxes collected for the fiscal year, with the totals ofsuch taxes included in the official budget estimate for the fiscal year. Ifthe comparison indicates that the total collection of such taxes as shown inthe preliminary close is 1.0 percent or more below the total amount of suchtaxes as included in the official budget estimate for the fiscal year, theGovernor shall prepare a reestimate of general fund revenues for the currentbiennium and the next biennium in accordance with the provisions of §2.2-1503. The Governor's reestimate shall be reported to the chairman of theSenate Committee on Finance and the chairmen of the Finance and AppropriationCommittees of the House of Delegates not later than September 1 following theclose of the fiscal year.

(2003, c. 14.)