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 biennial budget is the related budget document created in that two-year period. The budget is approved every other year by the General Assembly.

Multiple Choice

The Biennium covers ______ fiscal year (s).

• one

• two

• three

• four

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 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