May 29, 2007
The projected state budget will be short by about $300 million, but Governor Tim Kaine says that cuts forced by the smaller budget should not be drastic.
Kaine says that though $300 million is a lot of money, as a percentage, it is not massive. The current annual budget is about $36 billion. It's the first time in four years the state collection forecasts, on which the state budget is based, has fallen short.
Kaine says that at the end of this fiscal year, he and his staff will decide on a new two year state budget that he will have to propose by mid December.
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