Wednesday, October 15, 2014
Governor Terry McAuliffe
Governor Terry McAuliffe announced today that reductions of 7% for fiscal year 2016 to balance the budget will be necessary to close an $882 million deficit.
“Making these budget reductions has been the most difficult experience of my term so far. Toward the end of the fiscal year, we started to see revenues not meet the forecast set out in 2013, before I took office. This would create a shortfall for fiscal year 2014,” said Governor McAuliffe.
“While I know we all hope that the budget news from here forward will be more positive.”
The General Assembly created budgetary reserves totaling $846 million in the current Appropriations Act. In a