Archive for February 16th, 2010
On the same day that Virginia’s Governor Bob McDonnell, took heat from the Democratic National Committee about his mixed message on stimulus funds, the Republican announced that he will address reporters Wednesday to provide an update on the Commonwealth’s revenue picture.
McDonnell has been quiet publicly about how he plans to deal with Virginia’s growing budget problems. But while he has been quiet in public, multiple reports claim that he has been meeting privately with different groups to propose various and often deep cuts to the spending plan.
According to the media advisory, McDonnell will discuss the latest picture on revenue projections, it does not mention anything specific about the budget itself. (correction: The release does mention that he will discuss the budget). By outlining the latest revenue figures, the Governor will be giving the public a better idea of just how much will need to be cut. In addition, by holding a press event, he will at least be in a position where he will be forced to answer questions about the issue.
We’ll keep a close eye on this developing story and have more tomorrow.
AP’s Bob Lewis has the scoop. State Revenues off by 6.5% in January.
January revenues in Va. take hit
By BOB LEWIS
AP Political Writer
RICHMOND, Va. (AP) – State revenue collections plunged by 6.5
percent in January, leaving lawmakers well behind their targets for
the current year as they make deep cuts in the budget.
Monthly receipts from taxes paid largely on investments and by
the self-employed were down nearly 23 percent last month from
The weak showing was aggravated by corporate income tax refunds
made in January this year but not until February last year.
A small bright spot was a marginal increase in taxes withheld
But a poor January leaves the state 4.7 percent behind where it
was a year ago seven months into the fiscal year.
That’s well below the estimated 2.7 percent decline on which the
current budget is built.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
Tuesday marks cross-over day at the State Capitol in Richmond, a crucial point in the legislative process. After today, the respective houses can only vote on measures that were initially proposed in the other body. Cross-over day often brings with it a whirlwind of activity where member push their pet projects before it is too late.
While the work on the floor of both the House and Senate is fast and furious, it is often a colorful day at the State Capitol. It is not uncommon for the members to use creative tactics to get their measures passed.
Today Lt. Governor Bill Bolling invited Oscar winner Sissy Spacek to tout he and Governor Bob McDonnell‘s plan to expand investment in film production. Spacek did not talk long, but when she did, the actress said that Virginia is missing out on many opportunities to bring business to the Commonwealth because they are not offering enough to filmmakers to bring their projects here.
According to Bolling, past film projects, such as the “John Adams” HBO documentary, brought in $14 in economic development, for every $1 the state invested. His rationale is that further investment would lead to an even greater return. Spacek, who Bolling described as a “native Texan who had the good sense to move to Virginia”, lives outside of Charlottesville. She said she doesn’t want Virginia to be “left behind” any longer when it comes to film production.
In addition to the tax incentive legislation, Governor McDonnell has also proposed expanding the state’s “Film Opportunity Fund”, which would provide cash to help the Commonwealth attract projects to Virginia.