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.
A decision made a decade ago by the city of Buena Vista created a debt load that city leaders now call insurmountable. It's a situation that might well serve as an object lesson for other localities in Virginia.
Governor McAuliffe and General Assembly leaders have struck a deal to cut the state budget to cover an unexpected $2.4-billion revenue shortfall.
The agreement taps the state’s Rainy Day Fund, while closing a $346-million gap this fiscal year, and $536-million the next. The Governor stressed the bipartisan nature of the accord—flanked by GOP state lawmakers and the Democratic co-chair of the Senate Finance Committee.