The Commonwealth of Virginia is expected to have a $1.5 billion shortfall in the two year budget. Gov. Terry McAuliffe is expected to announce a shortfall of roughly $1.5 billion in the two-year state budget to the General Assembly money committees on Friday. With a $270 million shortfall in the year that ended June 30, along with increasing pessimism about growth in income and sales tax collections, the governor will reduce anticipated revenues by about $850 million in the current fiscal year. Projected revenues will be reduced in the second year by about $630 million.
The revised forecast reduces projected growth rates for both withholding and non-withholding income taxes, as well as sales tax revenues.
The revised forecast, required under state law because last year’s shortfall exceeded 1 percent of major state revenues, substantially reduces projected growth rates for both withholding and non-withholding income taxes, as well as sales tax revenues, the source said.
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He gave it to Hillary’s campaign under the table, this guy is a fraud,
Like he got killers voting for Hillary.
He is going down as the worst governor in Virginia.
First McConnell, now McAuliffe. We have a ‘Play for Pay’ right here in the Virginia Governor’ office. CROOKED party politics goes beyond Washington and the Clintons!