General Assembly panel to get budget details today
Published: June 16, 2009
The Kaine administration is set to deliver more bad news today to the budget-writing House Appropriations Committee.
Finance Secretary Ric Brown and his team this morning will detail the $300 million hole projected when the current budget expires this month.
Gov. Timothy M. Kaine told reporters yesterday the state can cover the shortfall using unspent balances, including about $109 million in federal stimulus reserves.
Kaine is planning another revision to the state's official revenue estimate and hopes to deliver it by August.
Any layoffs and cuts will likely follow that.
Lawmakers bear much of the burden next winter when they revise the 2010 budget and draft a new two-year budget through 2012 from scratch.
-- The Associated Press
Reader Reactions
Revenue is short relative to the overly optimistic projections made largely by the Kaine Administration and upon which the budget passed by the General Assembly was based.
Reading is fundamental, jer. This story is about revenue falling below projections… and the money that will be used to pay for it. This is a budget debated and set by the General Assembly. Unfortunately, the Governor has to manage the debt that House Republicans accumulate through a refusal to meet obligations. Fiscal responsibility is something they like to preach… but have no clue of how to follow.
Another monthly “We are deeper in debt” report from a tax and spend politician. Wonder how much longer the debt forecaster he uses will remain in office? I also wonder when he will tell us the truth about the state finances?
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