The Governor of the Commonwealth of Virginia Terry McAuliffe spoke on August 15 to a joint meeting of the Virginia General Assembly. The Governor announced revised revenue figures and a significant budget shortfall for our state. Read Governor’s speech.
Richard Brown, the Commonwealth’s Secretary of Finance, released this presentation: Review of General Fund Revenues and the Virginia Economy for Fiscal Year 2014, The Interim Economic Outlook and Revenue Forecast for Fiscal Years 2015 through 2016.
Members of the General Assembly will now be called on in the 2015 legislative session to make significant adjustments to the two year spending plan. Budget cuts will impact all phases of state government and services including many that touch the business community on a daily basis. Areas such as education, public safety, economic development, workforce development and many others will likely be impacted by the revenue shortfall.
The Hampton Roads Chamber governmental affairs staff will be in Richmond during the September Special General Assembly session and we will provide updates on the budget challenges facing Virginia and the impact to the business community.