Wednesday, August 31, 2016

Gov. Terry McAuliffe to announce $1.5 billion budget shortfall - Bob Brown, Richmond Times-Dispatch

The shortfall already has required the governor and General Assembly to suspend raises that had been approved in the budget for state employees, teachers, college faculty, and state-supported local employees such as sheriff’s deputies. Two years ago, McAuliffe and assembly budget leaders worked closely together to address a projected $2.4 billion revenue shortfall that ultimately turned into a record surplus after tax collections recovered. But that shortfall was driven by a sudden drop in non-withholding income taxes on investments gains, while the biggest concern this year is lagging income tax collections withheld from payroll, which accounts for almost two-thirds of general fund revenue.

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