Budget

Budget Committee
2:50 pm
Sun August 17, 2014

Dismal State Financial Report

Governor McAuliffe speaks to reporters as budget committee members watch on.

"Not surprised—but still disappointing." That statement from one of Virginia’s budget-writing committee leaders is the consensus of the others who heard a dismal financial report from Governor McAuliffe.  They nevertheless applaud the Governor for his leadership… and have already begun figuring out ways to address the projected shortfall.

Factoring in an $882-million shortfall for fiscal years 20-15 and 16 and prior revenue gaps, the governor says state leaders have a lot of digging out to do.

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Budget Negotiations
4:36 pm
Wed June 11, 2014

Rainy Day Fund

The state's economists and fiscal experts are urging lawmakers to pass a budget as soon as possible to help mitigate lower revenues by tapping into the state's rainy day fund.

They informed the House Appropriations Committee that if lawmakers don't act soon, the state has much to lose.

Like April, May's revenue forecast is still lower than projected. At this rate, the House Appropriation Committee’s Robert Vaughn says the projected deficit carried into fiscal year 20-15 is hundreds of millions of dollars.

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Or Possible Shutdown
4:14 pm
Tue May 27, 2014

Open for Business?

For weeks, speculation has run rampant at the State Capitol over what authority Governor McAuliffe might have under the Virginia Constitution to keep the state operating if a budget is not passed by the start of the new fiscal year on July 1st.

Attorneys for the nonpartisan Division of Legislative Services were asked to advise state lawmakers about executive options for paying bills or mitigating a government shutdown.  At the heart of the issue is the constitutional requirement for separation of powers and co-equal branches.

 

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Budget Stalemate
8:41 am
Mon May 5, 2014

State Colleges & Universities Scramble for a Backup Plan

We're officially into the second month of the Virginia General Assembly’s stalemate over Medicaid expansion—and no two-year budget.

While there's discussion of a possible government shutdown if lawmakers don't reach a compromise by July first, state business must continue in the interim.

That means the state's colleges and universities are now discussing contingency plans.

 

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Marketplace Virginia
4:32 pm
Tue April 8, 2014

State Senate Passes Budget

The Virginia Senate has passed its version of the state budget for the next two fiscal years, which begin on July 1st.  

Senators introduced the spending bill proposed by Governor McAuliffe, then added their own touches— including Marketplace Virginia, the private-insurance alternative to Medicaid expansion. But by the end of the day the Senate and the House were no closer to resolving their budget stalemate. 

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