RESOLVED by the House of Delegates, the Senate concurring, a majority of the members elected to each house agreeing, That the following amendment to the Constitution of Virginia be, and the same hereby is, proposed and referred to the General Assembly at its first regular session held after the next general election of members of the House of Delegates for its concurrence in conformity with the provisions of Section 1 of Article XII of the Constitution of Virginia, namely:
Amend Section 5 of Article V of the Constitution of Virginia as follows:
Section 5. Legislative responsibilities of Governor.
The Governor shall communicate to the General Assembly, at every regular session, the condition of the Commonwealth, recommend to its consideration such measures as he may deem expedient, and convene the General Assembly on application of two thirds of the members elected to each house thereof, or when, in his opinion, the interest of the Commonwealth may require.
The Governor shall submit a Budget Bill to the General Assembly prior to every regular session with such content and in such form and under such conditions as the General Assembly may provide. If the general fund revenues for any fiscal year are projected to exceed the general fund revenues for the immediately preceding fiscal year by more than eight percent, then The Budget Bill shall contain, among other things, an appropriation of not less than two percent of the general fund revenues for each such fiscal year for capital improvements. If the actual revenues for any fiscal year derived from taxes on income and retail sales as determined by the Auditor of Public Accounts exceed the official estimate for such revenues as contained in the Appropriation Act for such fiscal year, then an appropriation of such excess revenues, less the amount to be paid into the Revenue Stabilization Fund or other obligations as may be determined by the General Assembly, shall be made in the next Budget Bill submitted by the Governor solely for nonrecurring expenditures as may be delineated by the General Assembly.