OFFICE OF THE SECRETARY OF FINANCE
Joe Flores
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Location:
1111 East Broad Street, 3rd Floor
Richmond, Virginia 23219 Tel. (804) 786-1148, Fax (804) 692-0676 Purpose:
The Secretary of Finance provides guidance to the four key agencies within the Finance Secretariat. These agencies handle all the financial transactions of the Commonwealth ' from collecting taxes to paying bills to distributing aid to localities. Their responsibilities include: forecasting and collecting revenues, managing the Commonwealth's cash and investments, selling bonds, overseeing internal audits, making strategic financial plans, preparing and executing the Commonwealth's budget
Website:
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| Secretary | Joe Flores |
| Former Secretary | Aubrey Layne |
| Deputy Secretary | June Jennings |
| Executive Assistant | Gigi An |
Department of Accounts
Location:
Department of Accounts
James Monroe Building
101 North 14th Street, 2nd Floor
Richmond Virginia 23219-3638
Tel. (804) 225-3038
Fax: (804) 371-8587
James Monroe Building
101 North 14th Street, 2nd Floor
Richmond Virginia 23219-3638
Tel. (804) 225-3038
Fax: (804) 371-8587
Code Reference:
§ 2.2-800
Purpose:
The Department of Accounts (DOA) is a central service agency providing a uniform system of accounting, financial reporting, and internal controls to protect and account for the Commonwealth's financial resources.
Web Site:
Department of Planning and Budget
Location:
Patrick Henry Building
1111 East Broad Street, 5th Floor
Richmond, Virginia 23219
Tel. (804) 786-7455 ? Fax (804) 225-3291
1111 East Broad Street, 5th Floor
Richmond, Virginia 23219
Tel. (804) 786-7455 ? Fax (804) 225-3291
Code Reference:
§ 2.2-1500
Purpose:
To provide advice and analytical services in planning, budgeting, evaluation, and policy development for the Governor, Secretaries and other government officials in order to formulate the Executive Budget and to operate a system of budgetary execution. To coordinate the executive regulatory process and to provide review and analysis of regulations that are promulgated.
Web Site:
Location:
Virginia Department of Planning and Budget
1111 East Broad Street
Room 5040
Richmond, Virginia 23219-1922
1111 East Broad Street
Room 5040
Richmond, Virginia 23219-1922
Code:
§ 2.2-1503
Purpose:
The Joint Advisory Board of Economists is responsible for reviewing and making recommendations regarding economic assumptions and the general economic climate of the Commonwealth, to evaluate the validity of the economic forecast, to prepare the Governor's annual six year estimates of anticipated general fund revenues, and to project general fund revenues for the current and future biennial.
Composition:
The Joint Advisory Board of Economists is established as an advisory board, within the meaning of '2.2-2100, in the executive branch of state government for such purpose. Chapter 422 (2010) changed the membership and appointment process for this board. The Board shall be chaired by the Secretary of Finance, and consist of the Staff Director of the House Committee on Appropriations, the Staff Director of the Senate Committee on Finance and consists of fifteen non legislative citizen members, twelve to be appointed by the Governor, at least eight being citizens of the Commonwealth, and three by the Joint Rules Committee, at least two being citizens of the Commonwealth.
Term:
Pleasure of the Governor
Senate Members:
- The Honorable L. Louise Lucas, President, pro tempore of the Senate
- The Honorable Janet D. Howell, Co-Chair, Senate Finance Committee
- The Honorable Richard L. Saslaw, Senate Majority Leader
- The Honorable Thomas K. Norment Jr.
- The Honorable George L. Barker
House Members:
- The Honorable Luke E. Torian, Chair, House Appropriations Committee
- The Honorable Vivian E. Watts, Chair, House Finance
- The Honorable Mark D. Sickles
- The Honorable Charniele L. Herring, Majority Leader, House of Delegates
- The Honorable Eileen Filler-Corn, Speaker of the House
- The Honorable R. Lee Ware
Gubernatorial Appointees:
- Term Expires
- Ann Battle Macheras
- Christine Chmura
- Mark Vitner
- Robert M. McNab
- Gerald T. Prante
- Alice Louise Kassens
- Roy H. Webb
- A. Fletcher Mangum
- Roy L. Pearson
- Stephen S. Fuller
- Michelle Albert Vachris
Legislative Appointees:
- Harley T. Duncan
- William Merritt Shobe
- Terry L. Clower Ph.D.
Ex Officio Members:
- The Honorable Joseph Flores, Chair, Secretary of Finance
- Anne Oman, Staff Director, House Appropriations Committee
- April Kees, Staff Director, Senate Committee on Finance
- The Honorable Ralph S. Northam, Governor
Legislative Details:
Location:
Virginia Department of Planning and Budget
1111 East Broad Street
Room 5040
Richmond, Virginia 23219-1922
1111 East Broad Street
Room 5040
Richmond, Virginia 23219-1922
Code:
§ 2.2-1503
Purpose:
The Advisory Council on Revenue Estimates shall review the economic assumptions and the general economic climate of the Commonwealth and evaluate the validity of the revenue forecast.
Composition:
The Advisory Council on Revenue Estimates is established as an advisory council, within the meaning of ' 2.2-2100, in the executive branch of state government for such purpose. The Advisory Council on Revenue Estimates, of which the Governor shall be chairman, shall include the Speaker and Majority Leader of the House of Delegates; the President pro tempore and Majority Leader of the Senate; the Chairmen of the House Committee on Appropriations, the House Committee on Finance, and the Senate Committee on Finance or their designees; two members of the House of Delegates to be appointed by the Speaker of the House, two members of the Senate to be appointed by the Chairman of the Senate Committee on Finance; and fifteen to twenty non legislative citizen members representing the private sector appointed by the Governor. Legislative members appointed shall serve terms coincident with their terms of office and nonlegislative citizen members shall serve at the pleasure of the Governor. All members shall be citizens of the Commonwealth. Vacancies shall be filled in the same manner as the original appointments. Members shall not receive compensation for their services, but shall be reimbursed for all reasonable and necessary expenses for the performance of their duties as provided in '' 2.2-2813 and 2.2-2825. Funding for the costs of expenses of the members shall be provided by the Department of Taxation. The Department of Taxation shall provide staff support. A majority of the members of the Council shall constitute a quorum. Meetings of the Council shall be held upon the call of the chairman or whenever a majority of the members so request.
Term:
Pleasure of the Governor; legislative members shall serve terms coincident with their terms of office
Senate Members:
- The Honorable L. Louise Lucas, President, pro tempore of the Senate
- The Honorable Janet D. Howell, Co-Chair, Senate Finance Committee
- The Honorable Richard L. Saslaw, Senate Majority Leader
- The Honorable Thomas K. Norment Jr.
- The Honorable George L. Barker
House Members:
- The Honorable Luke E. Torian, Chair, House Appropriations Committee
- The Honorable Vivian E. Watts, Chair, House Finance
- The Honorable Mark D. Sickles
- The Honorable Charniele L. Herring, Majority Leader, House of Delegates
- The Honorable Eileen Filler-Corn, Speaker of the House
- The Honorable R. Lee Ware
Gubernatorial Appointees:
- Term Expires
- Neil P. Amin
- Alison T. Corazzini
- Thomas I. Barkin
- Robert M. Blue
- Nancy Bagranoff
- Karen Ien Campbell
- George F. Ricketts
- Robert D. Hardie
- Jennifer J. Bailey
- Edward D. Whitmore
- Nancy Agee
- Brooke Kintz
- Jody M. Wagner
- Marc H. Katz
- Stephen Movius
- James M. Davis
- Ronald L. Tillett
- Howard P. Kern
Legislative Appointees:
- Harley T. Duncan
- William Merritt Shobe
- Terry L. Clower Ph.D.
Ex Officio Members:
- The Honorable Joseph Flores, Chair, Secretary of Finance
- Anne Oman, Staff Director, House Appropriations Committee
- April Kees, Staff Director, Senate Committee on Finance
- The Honorable Ralph S. Northam, Governor
Legislative Details:
Department of Taxation
Location:
Virginia Department of Taxation
1957 Westmoreland Street
Richmond, Virginia 23230
1957 Westmoreland Street
Richmond, Virginia 23230
Purpose:
The mission of the Virginia Department of Taxation (TAX) is to administer the tax laws of the Commonwealth with integrity and efficiency to support funding of government services for Virginia's citizens.
Web Site:
Department of the Treasury
Location:
James Monroe Building
101 North 14th Street, 3rd Floor
Richmond, Virginia 23219
Tel. (804) 225-2142
101 North 14th Street, 3rd Floor
Richmond, Virginia 23219
Tel. (804) 225-2142
Code Reference:
§ 2.2-1800
Purpose:
To provide statewide financial management services for the Commonwealth in the service areas of cash management and banking, investment management, debt management, risk management and insurance, cash disbursement and bank reconciliation, trust accounting, and unclaimed property administration.
Web Site:
Location:
Virginia Department of the Treasury
101 North 14th Street
Richmond, Virginia 23219
Tel. (804) 225-2142
101 North 14th Street
Richmond, Virginia 23219
Tel. (804) 225-2142
Code:
§ 2.2-2712
Purpose:
The Debt Capacity Advisory Committee shall have the power and duty to annually review the size and condition of the Commonwealth's tax-supported debt and submit to the Governor and to the General Assembly an estimate of the maximum amount of new tax-supported debt that prudently may be authorized for the next biennium. The estimate shall be advisory and in no way bind the Governor or the General Assembly. The Committee shall also annually review the amount and condition of bonds, notes, and other security obligations of the Commonwealth's agencies, institutions, boards, and authorities, for which the Commonwealth has a contingent or limited liability or General Assembly is permitted to replenish reserve funds if deficiencies occur, and submit to the Governor and the General Assembly an annual report with the Committee's recommendation to ensure the prudent use of such obligations. Such review shall be submitted on or before January 1 of each year, and conduct ongoing reviews of the amount and condition of bonds, notes, and other security obligations of the Commonwealth's agencies, institutions, boards, and authorities not secured by the full faith and credit of the Commonwealth or for which the General Assembly is not permitted to replenish reserve funds, and when appropriate, shall recommend limits on such additional obligations to the Governor and to the General Assembly.
Composition:
The Committee shall consist of the Secretary of Finance; the State Treasurer; the Director of the Department of Planning and Budget; State Comptroller; the Auditor of Public Accounts; the Director of the Joint Legislative Audit and Review Commission; the Staff Director of the House Committee on Appropriations; the Staff Director of the Senate Committee on Finance; and two citizen members who have expertise in financial matters to be appointed by the Governor.
Of the citizen members appointed for terms beginning July 1, 1994, one shall be appointed for an initial term of three years and the other for an initial term of five years. Successors shall be appointed to serve for terms of four years each. Vacancies occurring other than by expiration of term shall be filled by appointment of the Governor for the remainder of the unexpired term. All appointments shall be subject to confirmation by the General Assembly. Members shall continue to hold office until their successors have been appointed and qualified.
Of the citizen members appointed for terms beginning July 1, 1994, one shall be appointed for an initial term of three years and the other for an initial term of five years. Successors shall be appointed to serve for terms of four years each. Vacancies occurring other than by expiration of term shall be filled by appointment of the Governor for the remainder of the unexpired term. All appointments shall be subject to confirmation by the General Assembly. Members shall continue to hold office until their successors have been appointed and qualified.
Term:
Four year terms
Gubernatorial Appointees:
- Term Expires
- Ronald Lee Tillett6/30/2022
- Hossein Sadid6/30/2023
Location:
Virginia Department of the Treasury
101 North 14th Street
Richmond, Virginia 23219
Tel. (804) 225-2142
101 North 14th Street
Richmond, Virginia 23219
Tel. (804) 225-2142
Code:
§ 2.2-2415
Purpose:
The Treasury Board shall supervise investment of state funds, administer the Virginia Security for Public Deposits Act, administer the Government Non-Arbitrage Investment Act, approve the terms and structure of appropriation-supported bonds, and act as the issuing agent on general obligation bonds.
Composition:
The Board shall consist of seven members to be appointed as follows: four members to be appointed by the Governor, subject to confirmation by the General Assembly, who shall serve at the pleasure of the Governor; the State Treasurer, the Comptroller, and the Tax Commissioner. The members appointed by the Governor should have a background and experience in financial management and investments. The State Treasurer, the Comptroller, and the Tax Commissioner shall serve terms coincident with their terms of office. Vacancies shall be filled in the manner of the original appointment.
Term:
Pleasure of the Governor
Gubernatorial Appointees:
- Term Expires
- James P. Carney
- Neil P. Amin
Location:
Virginia Department of the Treasury
101 North 14th Street
Richmond, Virginia 23219
Tel. (804) 225-2142
101 North 14th Street
Richmond, Virginia 23219
Tel. (804) 225-2142
Code:
§ 23.1-1201
Purpose:
The purpose of the Board of the Virginia College Building Authority is to manage and administer all assets, money, and obligations transferred to the Authority; purchase bonds issued by institutions of higher education; and issue and refund bonds of the authority.
Composition:
The Board of the Virginia College Building Authority consist of the State Treasurer, the State Comptroller, the Director of the Department of Planning and Budget, and the Director of the Council, all of whom shall serve ex officio, and seven additional members appointed by the Governor, subject to confirmation by the General Assembly. Each member shall serve at the pleasure of the Governor. Appointed members shall serve for a term of four years. Ex officio members shall serve terms coincident with their terms of office. Vacancies occurring other than by expiration of a term shall be filled for the unexpired term. No appointed member shall serve more than two consecutive terms.
The Governor shall appoint one member as chairman who shall serve a two-year term. No member is eligible to serve more than two consecutive terms as chairman. The chairman shall be the chief executive officer of the Authority and shall receive such compensation as the Governor determines. No ex officio member is eligible to serve as chairman. The Governor shall appoint one member as chairman who shall serve a two-year term. No member is eligible to serve more than two consecutive terms as chairman. The chairman shall be the chief executive officer of the Authority and shall receive such compensation as the Governor determines. No ex officio member is eligible to serve as chairman. The Authority shall elect one appointed member as vice-chairman, who shall exercise the powers of the chairman in the absence of the chairman. The Authority shall elect a treasurer, a secretary, and an assistant secretary to perform the duties and functions commonly performed by such officers. All such officers, except the secretary and the assistant secretary, shall be selected from members of the Authority. The secretary and the assistant secretary may receive such compensation as the Authority provides. Each appointed member of the Authority and the secretary and the assistant secretary shall execute a surety bond in such penal sum as shall be determined by the Attorney General to be (i) conditioned upon the faithful performance of the duties of his office, (ii) executed by a surety company authorized to transact business in the Commonwealth as surety, (iii) approved by the Attorney General, and (iv) filed in the office of the Secretary of the Commonwealth.
The Governor shall appoint one member as chairman who shall serve a two-year term. No member is eligible to serve more than two consecutive terms as chairman. The chairman shall be the chief executive officer of the Authority and shall receive such compensation as the Governor determines. No ex officio member is eligible to serve as chairman. The Governor shall appoint one member as chairman who shall serve a two-year term. No member is eligible to serve more than two consecutive terms as chairman. The chairman shall be the chief executive officer of the Authority and shall receive such compensation as the Governor determines. No ex officio member is eligible to serve as chairman. The Authority shall elect one appointed member as vice-chairman, who shall exercise the powers of the chairman in the absence of the chairman. The Authority shall elect a treasurer, a secretary, and an assistant secretary to perform the duties and functions commonly performed by such officers. All such officers, except the secretary and the assistant secretary, shall be selected from members of the Authority. The secretary and the assistant secretary may receive such compensation as the Authority provides. Each appointed member of the Authority and the secretary and the assistant secretary shall execute a surety bond in such penal sum as shall be determined by the Attorney General to be (i) conditioned upon the faithful performance of the duties of his office, (ii) executed by a surety company authorized to transact business in the Commonwealth as surety, (iii) approved by the Attorney General, and (iv) filed in the office of the Secretary of the Commonwealth.
Term:
Four years; no more than two full successive terms
Gubernatorial Appointees:
- Term Expires
- Corynne S. Arnett6/30/2022
- Stephanie A. Calliott6/30/2022
- Barry R. Green6/30/2025
- Tiffany M. Boyle6/30/2022
- Lane Bryan Ramsey6/30/2022
- Jerrell D. Saunders6/30/2024
- Martin A. Thomas6/30/2024
Location:
Virginia Department of the Treasury
101 North 14th Street
Richmond, Virginia 23219
Tel. (804) 225-2142
101 North 14th Street
Richmond, Virginia 23219
Tel. (804) 225-2142
Code:
§ 2.2-2261
Purpose:
The Virginia Public Building Authority is created for the purpose of constructing, improving, furnishing, maintaining, acquiring, financing, refinancing, and operating public buildings for the use of the Commonwealth (heretofore or hereafter constructed), state arsenals, armories, and military reserves, state institutions of every kind and character (heretofore and hereafter constructed), additions and improvements to public institutions of higher education, including land grant colleges and medical colleges, and the purchase of lands for rehabilitation purposes in connection with state institutions and for use of state colleges, and museum facilities for a trust instrumentality of the United States, and the purchase of lands for the development of public buildings that may be authorized by the General Assembly in the future, the acquisition of items of personal property for the use of the Commonwealth, the constructing, improving, maintaining, acquiring, financing, and refinancing of major information technology projects as defined in ' 2.2-2006, the financing or refinancing of capital projects that benefit the Commonwealth and any of its agencies, authorities, boards, departments, instrumentalities, institutions, or regional or local authorities, the provision of financing on behalf of any of the Commonwealth's agencies, authorities, boards, departments, instrumentalities, institutions, or regional or local authorities or governments of land, buildings, infrastructure, and improvements for the benefit of an MEI project incentive package endorsed by the MEI Project Approval Commission created pursuant to ' 30-309, and the financing or refinancing of reimbursements to localities or governmental entities of all or any portion of the Commonwealth's share of the costs for capital projects made pursuant to other applicable provisions of Virginia law, and the refinancing of obligations issued by other state and local authorities or political subdivisions of the Commonwealth where such obligations are secured by a lease or other payment agreement with the Commonwealth or the Commonwealth's obligations under such leases or payment agreements, the purpose and intent of this article being to benefit the people of the Commonwealth by, among other things, increasing their commerce and prosperity.
Composition:
The Authority shall be comprised of the State Treasurer or his designee, the State Comptroller, and five additional members appointed by the Governor, subject to confirmation by the General Assembly, who shall serve at the pleasure of the Governor. Unconfirmed appointments shall expire 30 days after the convening of the General Assembly. Members of the Authority shall be entitled to no compensation for their services as members, but shall be reimbursed for all reasonable and necessary expenses incurred in the discharge of their duties as provided in ' 2.2-2825. The term of each member appointed by the Governor shall be five years.
Vacancies in the membership of the Authority shall be filled by appointment for the unexpired portion of the term. The Governor shall designate one member of the Authority as chairman who shall serve a two-year term. No member shall be eligible to serve more than two consecutive terms as chairman. The Department of the Treasury shall serve as staff to the Authority.
Vacancies in the membership of the Authority shall be filled by appointment for the unexpired portion of the term. The Governor shall designate one member of the Authority as chairman who shall serve a two-year term. No member shall be eligible to serve more than two consecutive terms as chairman. The Department of the Treasury shall serve as staff to the Authority.
Term:
Five years, Pleasure of the Governor
Gubernatorial Appointees:
- Term Expires
- Sarah Bane Williams6/30/2022
- Ann H. Shawver6/30/2023
- Carolyn L. Bishop6/30/2024
- John A. Mahone6/30/2026
- Suzanne S. Long6/30/2025
Virginia Resources Authority
Location:
Virginia Resources Authority
1111 East Main Street, Suite 1920
Richmond, Virginia 23219
Tel. (804) 644-3100 | Fax: (804) 644-3109
1111 East Main Street, Suite 1920
Richmond, Virginia 23219
Tel. (804) 644-3100 | Fax: (804) 644-3109
Code Reference:
§ 62.1-197
Purpose:
The Virginia Resources Authority, working with its state agency partners, provides Virginia localities access to cost-effective, sustainable, and innovative financial solutions for projects that support vibrant and healthy Virginia communities.
Web Site:
Location:
1111 East Main Street, Suite 1920
Richmond, Virginia 23219
Tel. (804) 644-3100 | Fax: (804) 644-3109
Richmond, Virginia 23219
Tel. (804) 644-3100 | Fax: (804) 644-3109
Code:
§ 62.1-201
Purpose:
The Board of Directors shall further the Commonwealth of Virginia's goals in economic development, the environment, public health, and transportation by providing local governments with affordable and innovative infrastructure financing.
Composition:
The Board shall be composed of the State Treasurer, the Executive Director of the Department of Aviation, the Director of the Department of Environmental Quality, the State Health Commissioner; and seven members appointed by the Governor, subject to confirmation by the General Assembly, all residents of the Commonwealth. The Governor appoints one member chairman. The Executive Director serves as ex officio secretary.
Term:
Four year terms
Gubernatorial Appointees:
- Term Expires
- Cynthia Bailey6/30/2023
- Cecil Rudelle Harris6/30/2024
- Charlette T. Woolridge6/30/2024
- Mary B. Bunting6/30/2024
- Barbara M. Donnellan6/30/2025
- Thomas Lloyd Hasty6/30/2022
- William A. Kittrell6/30/2024
Information accurate as of December 2021