Wednesday, August 19, 2009

Budget Shortfall: Virginia Revenues Projected to Decline $1.2 Billion

The DP reports the Commonwealth continues to face revenue shortfalls and will consequently face further large budget cuts. Governor Timothy Kaine today projected a $1.2 Billion decline for the fiscal year ending next June 30. This is the first time in state history that revenues have declined for two consecutive years.

The new cuts will be in addition to the $6 Billion in reductions to the $77 Billion 2008-10 budget.

The DP notes "Kaine will not say what, who, or how many state employees he proposes to cut until September, but he is almost certain to propose job cuts, furloughs, and reductions in travel and other expenditures."

Additionally, UVA and Piedmont VA Comm College have already been instructed to do--again--the "5-10-15 % budgets. " That is, they must create three budgets based on cuts of this size.

UVA already has its own budget headaches, in addition to the long-term pain that still may face UVIMCO, the endowment's investment arm.

See DP article here.

No comments: