Budget Shortfall: Virginia Revenues Projected to Decline $1.2 Billion

The DP reports the Commonwealth continues to face revenue shortfalls and will consequently face further large budget cuts. Governor Timothy Kaine today projected a $1.2 Billion decline for the fiscal year ending next June 30. This is the first time in state history that revenues have declined for two consecutive years.The new cuts will be in addition to the $6 Billion in reductions to the $77