June 16, 2009

Va. budget gap stands at $300 million  06/16/09 12:01 AM

The state’s revenue numbers from May are in, and things are worse than officials thought they would be. Based on the month’s revenues—which fell 15.6 percent compared with the same month last year—Virginia’s forecast budget gap widened another $75 million, for a total of $300 million for fiscal year 2009, which ends June 30. Gov. Timothy M. Kaine tempered the tepid financials by saying that the state will bridge the gap with the cost-cutting measures already in place—and the use of about $109 million in federal stimulus funding and $49 million in unallocated budget surplus from the two-year, $77 billion spending plan for fiscal 2009-2010.

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