For the purposes of this article, “allocation” means a commitment to expend funds available for construction during each fiscal year. Funds that cannot be expended as allocated within each fiscal year shall be identified as part of future commitments, and the reason for the failure to spend allocations shall be specifically included in the annual construction improvement program.

Terms Used In Virginia Code 33.2-351

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

1982, c. 418, § 33.1-23.01; 2014, c. 805.

  Previous section
Next section  
 Article 5 Contents