Governor McDonnell Meets With Economic Advisors
Yesterday Governor McDonnell met behind closed doors with his Joint Advisory Board of Economists to try to forecast the economic outlook for the upcoming year.
The board consists of 15 economists, who study economic variables such as personal income, employment and wages and salaries at the state and national level to develop an economic forecast for the state.
This will be taken into account when the Governor’s Advisory Council on Revenue Estimates meets later this year. That group is comprised of business leaders who will help the governor forecast funds coming into the state so that he and the legislature can adjust revenue estimates accordingly.
Secretary of Finance Ric Brown says there is still a lot of uncertainty in terms of public policy that makes the forecasting process difficult, though he says there are some positive indicators.
Brown: Revenues for the first quarter look good; they’re not great, but they’re good. I think given some of the economics that are coming out about job losses, we’re probably better than what those numbers would suggest we would be at this stage of the game. So that in itself is a little intriguing.
Adjusted state revenue estimates will be released on December 17th.
Craig Carper, WCVE News, Capitol Square