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Politics

Virginia Reports $140 Million Revenue Reduction

Governor Terry McAuliffe has announced a state revenue reduction of $140 million due to weaker than expected January and fiscal year-to-date tax collections. The Governor and Finance Secretary Ric Brown have taken action to address the shortfall.  The state will miss a $60 million scheduled deposit to the Rainy Day Fund in 2016. Another $40 million will be offset by the upcoming budget’s unappropriated balance, $15 million will be used from the State Lottery, and the balance will be covered by surplus revenues from the Department of Education.

 

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