Debt and Budget

The Bottom Line
5:19 pm
Mon January 5, 2015

Buena Vista's Debt Dilemma Serves as a Lesson

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. 

Read more
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. 

Read more
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.

Read more
Government & Politics
4:26 pm
Mon September 15, 2014

Agreement on Budget Cuts

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.

Read more
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.

Read more

Pages