The Virginia Ordinance Adopting the Budget is a legislative act that outlines and approves the financial plan for a specific period of time in the state of Virginia. This comprehensive document is of great significance as it lays out how government funds will be allocated to various departments, programs, and initiatives to promote the welfare and development of the state. The Virginia Ordinance Adopting the Budget typically includes detailed information on revenue projections, expenses, and the overall financial outlook for the state. It is created by analyzing current economic conditions, past budget performance, and future needs and priorities. This ordinance serves as a guiding framework for government officials, allowing them to make informed decisions about budgetary matters. Some key aspects covered in the Virginia Ordinance Adopting the Budget may include: 1. Revenue Sources: This section describes the different sources of income for the state government, such as taxes, federal funding, fees, and other revenue streams. It outlines the expected amounts from each source and highlights any changes or fluctuations from previous years. 2. Expenditure Breakdown: Here, the ordinance provides a detailed breakdown of anticipated expenses in various sectors, such as education, healthcare, transportation, public safety, and environmental protection. It outlines the amount allocated to each program or department, taking into account their respective needs and priorities. 3. Capital Investments: This section highlights plans for capital investments, such as infrastructure development, construction projects, technological advancements, and other long-term investments. It may specify the funding sources for these projects and their expected impact on the state's economy. 4. Debt Service: If applicable, the ordinance will detail the state's outstanding debt and obligations, including interest payments and principal repayments. It may also discuss strategies for managing and reducing debt to ensure sustainable financial health. 5. Economic Forecast: The budget ordinance often includes an economic outlook section that assesses the state's economic performance, predicts future trends, and estimates potential risks. This information assists in making informed decisions regarding budget allocation and long-term planning. Different types of Virginia Ordinance Adopting the Budget include the Annual Budget Ordinance, which outlines the financial plan for the upcoming fiscal year, and the Supplemental Budget Ordinance, which addresses any necessary adjustments or amendments to the original budget throughout the year. Additionally, there might be Multi-Year Budget Ordinances, which provide a budget plan for multiple fiscal years, typically aimed at long-term planning and stability. Overall, the Virginia Ordinance Adopting the Budget is a vital tool for the effective governance and financial management of the state. It ensures transparency, accountability, and responsible allocation of resources to meet the needs and aspirations of Virginia's citizens.
Virginia Ordinance Adopting the Budget
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Virginia operates under a two-year (biennial) budget cycle. Each year the Governor prepares the proposed budget bill for introduction by the General Assembly. The bill is initially adopted in even-numbered years and amended in odd-numbered years.
This involves identification of sector priorities, preparation and consolidation of the budget estimates by the County Executive. This involves debating, amending the budget estimates by the County Assembly. The government raises revenues and allocates it to the spending units.
On September 14, Virginia Governor Glenn Youngkin signed adjustments to the fiscal 2024 budget into law. After adjustments, total operating expenses are $83.8 billion, an increase of 5.7 percent over the original fiscal 2024 budget.
Once the budget is enrolled and submitted to the Governor, he may approve the budget, as amended by the bodies, or he can submit a final round of amendments (often they are referred to as recommendations). The House and Senate will approve or reject those final Governor's amendments.
The total 2024 request for VA is $325.1 billion (discretionary, including collections, and mandatory), a $16.6 billion (+5.4%) increase above the 2023 enacted level.
The deal includes $645 million in additional state funding for public education. Of that, almost $55 million will go toward the state's share of an additional 2% salary increase for public school teachers expected to go into effect Jan. 1.
RICHMOND, VA ? Governor Glenn Youngkin today signed the Virginia State Budget, delivering on promises made to all Virginians to lower the cost of living by providing an additional billion dollars in tax relief, restoring excellence in education by empowering parents and investing in our students and supporting law ...
On December 15, 2022, Governor Glenn Youngkin introduced his amendments to the biennial budget. As amended, the governor proposed a total operating budget of $83.4 billion in fiscal 2023 and $84.1 billion in fiscal 2024, while general fund spending totals $29.9 billion in fiscal 2023 and $30.5 billion in fiscal 2024.