UVa Today: Virginia's Finances

August 20, 2009

Just like most states around the country, Virginia’s state and local government finances are under great strain. Governor Tim Kaine says the states revenue shortfall is worse than originally expected. The state is $1.2 billion short of budgeted general fund spending plus a $300 million shortfall for the fiscal year than ended last June.

In this weeks UVa Today segment Professor of Business of Economics, John Knapp, talks about Virginia's state and local finances.

According to Knapp, Virginia is unlikely to make major adjustments in the three major sources of tax revenue—the state income tax, the state and local general sales tax, and the local real property tax. In the future pressures on the local real property tax are likely to result in renewed calls for local access to the state income tax.

We welcome your comment on this story.

The comments sections of Newsplex.com are designed for thoughtful, intelligent conversation and debate. We want to hear from our viewers, but we ask that you follow our rules for commenting. E-mail is required to comment on a story, but it will not be displayed with your comment. For complete rules, CLICK HERE. The Newsplex reserves the right to not post or to remove any comment.
powered by Disqus
The Charlottesville Newsplex 999 2nd Street S.E. Charlottesville, VA 22902 434.242.1919 – Main 434.220.7522 - Newsroom
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 53865552 - newsplex.com/a?a=53865552
Gray Television, Inc.