State revenues decline by $439 million
Gov. Terry McAuliffe's administration announced the shortfall Thursday. His office did not say whether the shortfall would lead to budget cuts.
The governor signed a budget last month that had anticipated a smaller budget shortfall for fiscal 2014 of about $350 million.
State officials have known for several weeks that revenues would be off thanks in large part to lower-than-expected tax revenues from capital gains, which the McAuliffe administration said was due to changes in federal tax policy.
Payroll and sales tax revenues were also below forecasts, which the administration said was largely due to cuts in federal government spending.
Post a commentCommenting is not available in this channel entry.
Comments express only the views of the author and do not necessarily reflect the views of this website or any associated person or entity. Any user who believes a message is objectionable can contact us at [email protected].
- EDITORIAL: Brewer’s reinstatement comes with an inconvenient truth
- Serenity now: The Woodhouse Day Spa to host grand opening
- Loudoun Sheriff’s Office K9 takes down Sterling woman
- The alleged ‘Incognito Bandit’ bank robber arrested at Dulles Airport
- Loudoun County Sheriff’s Office makes five drunken driving arrests over the weekend
|The Loudoun Times-Mirror
is an interactive, digital replica
of the printed newspaper.Click here for all e-editions.