May - Department of Budget and Management (DBM) meets with principal departments and major independent agencies to discuss resource and budgetary needs to be considered in establishing department/agency ceilings for the next fiscal year.
June - Preliminary revenue estimates are made. DBM prepares and issues instructions to agencies.
July 1 - Current fiscal year begins.
June - August - Department and agencies make budget allocation decisions and prepare budget requests in accordance with the budget instructions.
August 31 - Budget requests are submitted to DBM.
September - December - DBM reviews budget requests and makes recommendations to the Governor. Final revenue estimates are made on which the budget allowances are based. Governor makes decisions on budget allowances and budgets are printed.
December - Spending Affordability Committee recommends suggested operating budget limits to the Governor and General Assembly.
January (third Wednesday) - Deadline for submitting a "balanced" operating budget to the General Assembly. Budget Bill is submitted with detailed supporting documentation.
January - April - General Assembly, primarily through the Senate Budget and Taxation and House Appropriation Committees, reviews, holds hearings, and makes decisions on the budget. By constitutional provision, the General Assembly may only concur in or reduce the budget of the Executive, but may reduce, concur, or increase the budget appropriations for the Legislature and Judiciary.
April - Budget Bill must be enacted by the General Assembly one week before the end of the session; otherwise the Governor must proclaim an extended session. The legislature must enact a "balanced budget". The Governor has no veto power over the budget bill; it becomes law immediately after enactment.
June - DBM issues the "Fiscal Digest" containing the appropriations authorized by the General Assembly.
July 1 - New fiscal year begins.
Then it starts all over again. (this is a test)
