Thursday, June 12, 2014
Legislators poised to adopt two-year state budget
It appears that General Assembly members may pass a state budget Thursday evening as lawmakers convene in Richmond. The revised fiscal plan will likely be very different from the competing budgets presented three months ago when the legislature adjourned.
The revised budget is schedule to be presented before the Senate Finance Committee today at 3 p.m. and the full Senate at 6 p.m. The House will deliberate the budget bill at 5 p.m.
“I know nobody who disputes we need a budget and we need it as fast as we can get it,” Finance Secretary Richard D. “Ric” Brown said in the Richmond Times-Dispatch.
The new budget will include nearly $900 million in identified cuts to cover more than half of a revenue shortfall now projected at $1.55 billion over the next two years. The remaining balance could be paid for by the Commonwealth’s Revenue Stabilization or Rainy Day Fund pending passage of a budget.
VACo is monitoring the process and will communicate a detailed analysis soon to its members.
VACo Contact: Dean Lynch, CAE