Virginia Facing Larger Budget Shortfall than Expected

By: AP
By: AP

Aug. 15, 2014

RICHMOND, Va. (AP) - Virginia is facing a larger shortfall in the current two-year state budget than officials had expected. But officials aren't ready to outline specific cuts.

Governor Terry McAuliffe told the General Assembly's finance committees Friday that officials are projecting a revenue shortfall of nearly $2.4 billion over a three-year period.

The state already has taken measures to narrow the budget gap, meaning Virginia must deal with a shortfall of about $882 million in the fiscal 2015 and 2016 budget that began July 1.

Across-the-board or targeted cuts will be announced in the coming months.

Gov. McAuliffe says that will require a "series of hard decisions" that will test the state's ability to protect core priorities while balancing the budget. He also said the state must take further steps to diversify its economy.


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 271411121 - newsplex.com/a?a=271411121
Gray Television, Inc.