22VAC45-20-130: Administrative review of income and distribution of funds

A. The department shall receive on an annual basis a budget prepared by the nominee which sets forth the anticipated revenue and the designated uses thereof.

B. The budget shall be developed with the active participation of the vending facility vendors council.

C. Quarterly updates to the revenue projections and revisions to the proposed budget will be submitted by the nominee to the commissioner of the department.

D. An annual budget summary will be submitted to the commissioner of the department at the end of the budget cycle.

E. The commissioner of the department shall determine the time of submission for such documents.

F. The proposed budget of the nominee shall be submitted by the commissioner to the board of the department for review and comment.

G. The nominee shall submit to the commissioner and to the board of the department an annual financial audit. The audit is to be performed by an independent firm of certified public accountants to be secured in accordance with the Virginia Procurement Act, §§ 11-35 through 11-80 of the Code of Virginia.