During the 2017 session of the Virginia General Assembly, legislation was passed requiring the Virginia Aviation Board (VAB) and the Department of Aviation (DOAV) to undertake a review of fiscal year 2017 (FY 2017) funding supported by the 2.4 percent share of Transportation Trust Fund revenues dedicated to the department, referred to as the Commonwealth Airport Fund (CAF). The reporting requirements were included in the 2017 Session Budget Bill-HB 1500 (Chapter 836), Item 438 (F.1) and the amendment to the Code of Virginia, § 5.1-2.2:3, Transparency and accountability in the use of Commonwealth Airport Fund revenues. The specific reporting requirements are as follows:

• Budget Bill - HB1500 (Chapter 836) Item 438 (F.1.) - By November 1 of each year, the Virginia Aviation Board shall report to the Governor and the General Assembly on the use of Commercial Airport Fund revenues allocated the previous fiscal year. The report shall include at a minimum the following: (i) the use of entitlement funds allocated by each air carrier airport, including the amount of funds that are unobligated; (ii) the award and use of discretionary funds allocated for air carrier and reliever airports by every such airport; and (iii) the award and use of discretionary funds allocated for general aviation airports by every such airport. Such report shall also include the status of ongoing projects funded in whole or in part by the Commonwealth Airport Fund pursuant to subdivision A 3 of § 58.1-638. Its first report shall also include the results of an audit of the use of all funds allocated pursuant to § 58.1-638 A. 3., Code of Virginia over the past three years to ensure that all funds have been used in accordance with the policies of the Virginia Aviation Board and the restrictions contained in paragraph G. of this item. The findings of such audit shall be presented to the Chairmen of the House Appropriations, Senate Finance and House and Senate Transportation Committees no later than November 1, 2017.

• § 5.1-2.2:3. Transparency and accountability in the use of Commonwealth Airport Fund revenues - A. By November 1 of each year, the Board shall report to the Governor and the General Assembly on the use of Commercial Airport Fund revenues the previous fiscal year. The report shall include at a minimum the following:

1. The use of entitlement funds allocated pursuant to subdivision A 3 a of § 58.1-638 by each air carrier airport, including the amount of funds that are unobligated;

2. The award and use of discretionary funds allocated for air carrier and reliever airports pursuant to subdivision A 3 b of § 58.1-638 by every such airport; and

3. The award and use of discretionary funds allocated for general aviation airports pursuant to subdivision A 3 c of § 58.1-638 by every such airport. Such report shall also include the status of ongoing projects funded in whole or in part by the Commonwealth Airport Fund pursuant to subdivision A 3 of § 58.1-638.