Budget

General Assembly
4:20 pm
Sun February 8, 2015

Money Committees Report Revenue Bump

There’s good news from the Governor and the heads of the General Assembly’s money committees. Despite dealing earlier with a significant revenue shortfall, the state is now seeing a $338-million revenue bump from withholding through corporate income tax and insurance premiums.

It amounts to $162 million more over the biennium after a $176 million  deposit into the Rainy Day Fund. Governor McAuliffe says it provides a little extra money to spend as the budget is crafted.

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Budget Cuts
7:47 am
Mon February 2, 2015

Senator Tim Kaine Glad Sequester Path Could Soon End

Flickr user Nicolas Raymond
Credit Creative Commons, https://creativecommons.org/licenses/by/2.0/

President Obama is sending a $4 trillion budget to Congress this morning, and Democrats in the region are glad it calls for lifting budget caps on most federal agencies.

Remember sequestration? It’s those indiscriminate budget cuts that rip through most every federal agency. Many first term lawmakers like Virginia Democratic Senator Tim Kaine say it’s dumb for that deal to tie lawmaker’s hands now.

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2014: A Dissapointment in Congress
7:24 am
Wed December 31, 2014

VA Lawmakers Hoping for a More Productive 2015

Credit Creative Commons

Virginia lawmakers are bemoaning the meager work accomplished in Washington in 2014. A look at how some lawmakers fear 2015 may once again bring stiff budget cuts that would hurt the state’s economy. 

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Spending Cuts Scheduled
4:31 pm
Wed December 17, 2014

Budget Update from VA's Governor

Governor McAuliffe told the General Assembly’s money committees Wednesday that while they made great strides in closing the state's budget shortfall, much more needs to be done to secure Virginia's future. 

He says that's  why he will continue to implement nearly $954 million  in spending cuts over the biennium and work to advance his vision for the upcoming session.

The Governor’s budget proposals include growth initiatives and protecting transportation funding. He also aims to boost tourism, end veterans homelessness by next year, and achieve other objectives.

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Economic Diversity
12:30 pm
Tue December 16, 2014

Reducing Reliance on Federal Funds

Richmond, VA
Credit Creative Commons, Flickr

Governor McAuliffe says when he addresses lawmakers about the state's budget this week, he intends to talk about his new economic development package.

His initiative includes legislative proposals that the governor says are necessary to reduce the Commonwealth’s reliance on federal dollars.

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