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Article: Virginia's Kaine to Outline Cuts as Collections Slow.(The Regions)
- Article from:
- The Bond Buyer
- Article date:
- August 19, 2008
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Byline: Lynne Funk
WASHINGTON -Virginia Gov. Timothy Kaine saidyesterday that he will detail major downward tax revenue revisions, leading to budget cuts in fiscal 2009 and 2010, for legislators by early October as tax revenue collections have slowed significantly and are expected to continue to weaken.
Sources have said that lower-than-expected tax revenues are expected to contribute to a budget shortfall that could reach more than $1 billion over fiscal 2009 and 2010. This comes after Kaine has already reduced revenue estimates by $2 billion for fiscal 2008, 2009, and 2010.
Kaine and newly appointed Secretary of Finance Ric Brown told a joint ...