Today's consumer electronic devices feature multiple applications which have to share scarcely available resources. We consider a priority-processing-based video application, which comprises multiple scalable video algorithms (SVAs) that are executed on a shared, virtual platform. This application is given a guaranteed processor share by means of a constant-bandwidth server (CBS). A decision scheduler distributes the assigned processor share among the SVAs on a time-slot basis, with the aim to maximize their overall output quality. To correctly distribute this processor share based on fixed-sized time slots, we introduce the concept of a virtual timer. This timer only advances when its associated virtual platform is executing. Because priority processing can guarantee real-time performance even under fluctuating load, we apply a resource reclaiming mechanism to our CBS which makes it possible to efficiently exploit spare processor time.