The Debt Capacity Advisory Committee (the "DCAC") reviews the amount and condition of the Commonwealth's tax-supported debt and submits to the Governor an annual report which includes the Committee's estimate of the maximum amount of tax-supported debt that may prudently be authorized in the ensuing fiscal years.

The report also includes the Committee's recommendations as to the use of the Commonwealth's moral obligation pledge and debt for which the Commonwealth has a contingent or limited liability.

Statutory Requirement for Membership

Section 2.2-2712 of the Code of Virginia establishes the membership of the DCAC. The Committee is comprised of the Secretary of Finance (Chair), the State Treasurer, the Director of the Department of Planning and Budget, the Auditor of Public Accounts, the Director of the Joint Legislative Audit and Review Commission and two citizen members who have expertise in financial matters. The citizen members are appointed by the Governor and serve for terms of four years.