Virginia state budget (2008-2009)

Note: This article was last updated in 2009. Click here for more recent information on state budgets and finances.

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The Virginia state budget was expected to reach a $2.9 billion revenue shortfall.

Budget background

See also: Virginia state budget and finances

Budget process

• The biennial budget is enacted into law in even-numbered years, and amendments to it are enacted in odd-numbered years.
• Agencies evaluate and estimate their future costs and submit a potential budget to the Department of Planning and Budget (DBP).
• The DBP analyzes the various agency requests, and then passes along the resulting findings to the governor and their cabinet to prepare the proposed state budget for the General Assembly's approval.
• The General Assembly convenes each year on the second Wednesday of January, at which time the governor's prepared budget is presented in the form of a bill.
• After being reviewed by committees in both the state House and Senate, amendments are added and voted on in each chamber.
• Each house sends its version of the amended budget bill to the other for consideration and another vote.
• A conference committee resolves any differences between the two versions of the bill, and sends the resulting single version to the governor for his signature.
• The governor reviews the bill passed by the General Assembly, and may either sign it, veto it entirely, use the power of the 'line-item veto,' or recommend further amendments.
• If the governor vetoes the bill, or any item on it, it is sent back to the General Assembly during the spring session.
• The final passed budget is then enacted into law and goes into effect on July 1 in even-numbered years and on the date of passage in odd-numbered years.

2008-2010 budget

The 2008-2010 biennial budget was composed of two types of revenue, the general fund, and the non-general fund.

General funds

General funds accounted for 45.3% of the 2008-2010 budget revenue.

Source of revenue	Percentage of overall General funds revenue
Sales and use tax	19.9%
Individual and corporate income tax	71.5%
Other taxes	9.8%

Non-general funds

Non-general funds accounted for the other 54.7% of state revenue.

Source of revenue	Percentage of overall General funds revenue
Federal grants and contracts	38.2%
Other revenues	24.1%
Transportation	13.1%
Institutional revenue	24.6%

Legislation

In 2009 there were two transparency bills pending in the Virginia General Assembly: Virginia Senate Bill 936 and Virginia House Bill 2285. SB 936 "[p]rovides for the Virginia Enterprise Applications Program (VEAP) within the Office of the Secretary of Technology to create and maintain a searchable database website containing information on state revenues, appropriations, and expenditures." HB 2285 mandated creation of a comprehensive, searchable database of Virginia government spending, easily accessible to members of the Commonwealth.

On February 25, 2009, both Virginia Senate Bill 936 and HB 2285 were passed unanimously.

See also

• Virginia state budget and finances