August 15, 2014
RICHMOND, Va. (AP) - Gov. Terry McAuliffe is set to address Virginia lawmakers regarding the state budget.
McAuliffe is scheduled to deliver remarks to the General Assembly's finance committees on Friday.
The meeting comes as the state prepares to make potentially deeper revenue cuts than the $1.5 billion already earmarked in the current two-year budget.
State Finance Secretary Ric Brown also is expected to address the committees to review revenue collections for the fiscal year that ended June 20. He'll also present revised revenue forecasts for the next two years.
Virginia ended fiscal 2014 with a $438.5 million shortfall, a 1.6 percent drop from the year before.
McAuliffe recently met with lawmakers and business leaders to review the state's revenue forecast.