M22_State Budget Terms

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

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.

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

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.

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