Virginia’s FY 2013 – 2014: Better resources mean better jobs and a stronger commonwealth
Published: March 05, 2013
Virginia Governor Bob McDonnell presented his proposed amendments to the 2012-2014 biennial budget on December 17, 2012. During Governor McDonnell’s state of the commonwealth address on January 9, 2013, he highlighted that the state has had “three consecutive budget surpluses, totaling $1.4 billion.”
FY 2012’s year-end balance was $976 million, which replaces the $675.5 million previously anticipated. This increase of $300.5 million allows Virginia additional resources for high-priority spending. McDonnell is requesting changes “that will create more jobs and more opportunities.”
The spending increases in the amended budgets focus on six themes:
· Provide adequate funding for core services
· Increase liquidity to guard against future economic uncertainty and the potential impact of federal spending reductions
· Increase support for instructional spending in public education
· Continue investments in higher education
· Improve funding available to transportation
· Improve support to localities
A full analysis of the Virginia proposed budget is available here. Non-subscribers can gain access with a GovWin IQ free trial.