Virginia Code 5.1-2.2:3: Transparency and accountability in the use of Commonwealth Aviation Fund revenues
A. By November 1 of each year, the Board shall report to the Governor and the General Assembly on the use of Commonwealth Aviation Fund revenues the previous fiscal year. The report shall include at a minimum the following:
Terms Used In Virginia Code 5.1-2.2:3
- Airport: means any area of land or water which is used, or intended for public use, for the landing and takeoff of aircraft, and any appurtenant areas that are used, or intended for use, for airport buildings or other airport facilities or rights-of-way, easements and together with all airport buildings and facilities located thereon. See Virginia Code 5.1-1
- Board: means the Virginia Aviation Board. See Virginia Code 5.1-1
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- 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.
1. The use of entitlement funds allocated pursuant to subdivision B 1 of § 33.2-1526.6 by each air carrier airport, including the amount of funds that are unobligated;
2. The award and use of discretionary funds allocated for air carrier and reliever airports pursuant to subdivision B 2 a (1) of § 33.2-1526.6 by every such airport;
3. The award and use of discretionary funds allocated for general aviation airports pursuant to subdivision B 2 a (2) of § 33.2-1526.6 by every such airport; and
4. The award and use of discretionary funds allocated for all airports pursuant to subdivision B 2 b of § 33.2-1526.6 by every such airport.
Such report shall also include the status of ongoing projects funded in whole or in part by the Commonwealth Aviation Fund pursuant to § 33.2-1526.6.
B. Each year prior to the release of entitlement funds allocated pursuant to subdivision B 1 of § 33.2-1526.6, each air carrier airport shall submit a plan that outlines the planned use of such funds for the upcoming fiscal year to the Board for review and approval. The Board shall approve such plan provided that the use of funds is in accordance with Board policies. An airport may modify its plan during a fiscal year by submitting a revised plan to the Board for review.
C. The Board shall have the right to withhold entitlement funds allocated pursuant to subdivision B 1 of § 33.2-1526.6 in the event that the entitlement utilization plan is not approved by the Board or the airport uses the funds in a manner that is inconsistent with the approved plan.