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Governor, lawmakers announce Virginia budget cuts
http://hamptonroads.com/2014/09/governor-lawmakers-announce-virginia-budget-cutsGovernor, lawmakers announce Virginia budget cuts
By Alan Suderman
The Associated Press
© September 16, 2014
RICHMOND
Virginia Gov. Terry McAuliffe and Republican lawmakers are planning to fill a $882 million budget shortfall by tapping the state government’s rainy day fund and making cuts to various agencies, universities, and local governments. The plan won’t affect K-12 school spending and will not include any increase in fees or taxes, they said.
The Democratic governor and leaders of the GOP-controlled House of Delegates announced at a Capitol news conference Monday that they have agreed to cuts of $192 million to state agencies, $90 million for higher education, and $60 million for aide to local governments over the next two years.
The budget plan calls for using $705 million from the state’s rainy day fund during the next two years. The fund currently holds about $940 million.
McAuliffe called Monday’s announcement a “great day” for Virginia and praised Republican lawmakers for working with him in order to “send a signal to Wall Street” and preserve Virginia’s creditworthiness among bond rating agencies.
