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state budget

Apr 25, 2024

Metro passes $4.8B budget for FY25

Metro’s board of directors on Thursday passed a $4.8 billion capital and operations budget for fiscal year 2025, which avoids massive service cuts, although fares will increase by 12.5% beginning July 1. The Washington Metropolitan Area Transit Authority, which oversees the Metrorail and Metrobus public transportation systems, had warned of “catastrophic” cuts to service because [...]

Apr 9, 2024

Senate Dems criticize Youngkin’s budget amendments

Virginia Senate Democrats had a lot of criticism Tuesday for Gov. Glenn Youngkin‘s proposed reworking of the state’s 2024-26 budget but held back on saying whether they would vote yea or nay on his 233 amendments. Senate Majority Leader Scott Surovell, D-Fairfax, said late Tuesday afternoon that he and fellow legislators had not had time […]

Apr 8, 2024

Youngkin removes tax cuts, RGGI mandate in budget

Virginia Gov. Glenn Youngkin on Monday released a slate of 233 amendments to the state budget passed by the General Assembly — calling it an opportunity for “common ground.” However, his budget removes language that would mandate Virginia‘s future participation in the Regional Greenhouse Gas Initiative, which has been a high priority for Democrats. It […]

Jun 2, 2022

Second Richmond casino referendum is off ballots

The Virginia General Assembly’s two-year budget, which was passed by both houses Thursday and sent to the governor, includes a provision that would delay a second casino vote in Richmond, where voters defeated a referendum last year. The language would not allow the referendum to appear on Richmond’s ballots until November 2023 — leaving the […]

Dec 16, 2021

Northam proposes $150M for site readiness

When Mazda Toyota was looking to build a plant that would have brought 4,000 jobs and 1.6 billion in investment, Virginia was ruled out. Why? Because Virginia didn’t have a competitive project-ready site available. Huntsville, Alabama, landed the deal instead.  Since 2016, Virginia has lost out on 42,000 direct jobs and over $75 billion in capital […]

Dec 14, 2021

Northam proposes $2.1B in tax cuts for ‘working people’

Virginia Gov. Ralph Northam, who leaves office next month, proposed four tax cuts Tuesday, including eliminating Virginia‘s 1.5% sales tax on groceries and providing an income tax cut for low- and middle-income Virginians. He also proposed one-time tax rebates — $250 for individuals and $500 for married couples — and ending “accelerated sales tax” payments […]

Virginia State Capitol. Courtesy Virginia Department of Historic Resources.
Jul 14, 2021

Virginia finishes FY21 with record $2.6B surplus

Virginia reached the end of fiscal year 2021 with a $2.6 billion surplus, the largest in the commonwealth’s history, according to a statement released by Virginia Gov. Ralph Northam on Wednesday. Total revenue collections grew 14.5% over fiscal year 2020, ahead of 2.7% growth projections. State collections reached $8.6 billion in the final quarter of […]

Dec 16, 2020

Northam proposes $240M for pandemic response

As COVID-19 cases continue to rise and frontline medical workers receive the first vaccine doses, Gov. Ralph Northam called on the General Assembly to allocate $240 million toward pandemic response in his proposed budget amendments released Wednesday. “The budget I present today preserves our focus on flexibility, targeted investments and help for Virginians. While we […]

Oct 14, 2020

Sept. Va. General Fund revenue increases 7.6%

Virginia‘s General Fund revenue for September increased 7.6% compared to September 2019, Gov. Ralph Northam announced Wednesday. The increase was driven by growth in payroll withholding and corporate and recordation tax collections, according to the governor‘s statement. “Virginia’s General Fund revenues are increasing, and we have been able to avoid the major revenue shocks th[...]

Jul 17, 2020

General Assembly special session set for Aug. 18

Gov. Ralph Northam set the General Assembly’s special session for Aug. 18 in a proclamation Friday. Lawmakers will adopt the biennial budget based on the revised revenue forecast, and they also plan to discuss policing measures in light of ongoing protests against police brutality. A finalized agenda has not yet been issued, but the House […]

Jul 9, 2020

State deficit stands at $236.5M, down from $1B spring forecast

The state’s fiscal year 2020 deficit, predicted at one point to reach as much as $1 billion, stands at $236.5 million, Gov. Ralph Northam announced Thursday. Also, the state’s revenues increased by 2% compared to fiscal year 2019. The news comes as the General Assembly prepares to meet in August to make adjustments to the […]

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