M22_State Budget Terms

State Budget Terms

Read the definitions provided to learn more about terminology related to the State budget.

Biennium

The Biennium covers two fiscal years;  for example, the 2016-2018 biennium begins on July 1, 2016 and goes through June 30, 2018, and is followed by the 2018-2020 biennium, which goes from July 1, 2018 through June 30, 2020.

 Biennial Budget

The Biennium covers two fiscal years;  for example, the 2016-2018 biennium begins on July 1, 2016 and goes through June 30, 2018, and is followed by the 2018-2020 biennium, which goes from July 1, 2018 through June 30, 2020.

Multiple Choice

The Biennium covers _____ fiscal year(s).

• one

• two

• three

General Assembly

Reviews all requests and passes an Appropriations Act to authorize the 208 E&G budget for a fiscal year

Appropriations Act

The External budget refers to the Commonwealth of Virginia’s budget, and is called the Appropriation Act.  The Appropriations Act authorizes the 208 E&G budget for the fiscal year.

Fiscal Year

The Fiscal Year runs from July 1st to June 30th.

Multiple Choice

The Fiscal Year runs from

• July 1st to June 30th.

• June 1st to July 1st

• January 1st to December 30th