State revenues for April are well short of even their scaled-back forecasts, and Gov. Timothy M. Kaine is telling state agency chiefs to tighten spending more than they already have.
Based on declining tax receipts, collections could be $190 million to nearly $220 million less than the state’s budgeted general fund forecast of $14.6 billion for the fiscal year that ends June 30.
The governor did not prescribe specific cuts, nor did he dictate a percentage of agency budgets to be pared, a step he has three times since the current budget took effect last July.
“I’m telling them they have to be austere,” Kaine told reporters. But unless the state’s revenues brighten substantially in the final two months of the fiscal year, more specific cuts are likely, he said. See the full story at the News Virginian
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