Category: Government Finance
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A Conservative Fiscal Proposal
by Dick Hall-Sizemore Governor Youngkin has proposed tax reductions that would reduce state revenue by about $1 billion in this biennium. I have an alternative proposal on how to use that billion dollars, one that should appeal to the instincts of conservatives on this blog—reduce the Commonwealth’s outstanding debt balance. The Debt Capacity Advisory Committee…
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New Youngkin Tax Cuts Total $7 Billion By 2028
by Steve Haner The set of Virginia tax changes Governor Glenn Youngkin (R) has baked into his proposed 2023 budget amendments is far more extensive and involves substantially more tax relief than the descriptions he offered in his December 15 presentation.
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Reparations for the Violators
by Dick Hall-Sizemore Governor Youngkin has proposed reparations for people who violated legal orders. Included in his budget proposal is a directive to reimburse all fines, fees, and interest imposed on individuals “due to violations of COVID-19 related practices, guidelines, rules or operating procedures” and to waive all such fines imposed. The budget language earmarks…
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Youngkin’s Budget Amendments: No Radical Changes
by Dick Hall-Sizemore Budget is policy. The budget reflects the policy choices a government makes. Any Virginia governor, upon assuming office, inherits a biennial budget proposal developed by his predecessor. The new governor is limited significantly in the changes that he can affect in that budget in his first General Assembly session. If the new…
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RVA 5X5: A Five-Part Series of Stories
by Jon Baliles STORY #1 — The Pot Overfloweth There have been a lot of stories this week about the $21 million surplus announced by Mayor Levar Stoney and what he is asking City Council to endorse and how to disburse it in a budget amendment vote scheduled for a Monday evening vote. “The growth…
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Whiplash on Virginia’s Economy
by Dick Hall-Sizemore “Our beloved Commonwealth is in a ditch.” Glenn Youngkin, May 7, 2021.also see here. “The commonwealth has never been in a stronger financial condition.” Glenn Youngkin, Nov. 21, 2022
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Virginia Mental Health Services in Deep Trouble – A Survey
by James C. Sherlock Nov. 29 updates in blue. Supply cannot begin to keep up with demand. In this case, the consequences involve personal welfare and public safety. And they can be terrible in both cases. Governor Youngkin will propose to the 2023 General Assembly additional funding and policy prescriptions for the state’s mental health…
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Double-Standard Bonds
by Jon Baliles One of the eternal mysteries of the Commonwealth of Virginia’s governing structure is the separate treatment of counties and cities. We are the only state in the country that has the screwy system of independent cities that are not part of a county government or structure. But that’s not where the screwiness…
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State Treasury Brings In More General Fund Revenues Than Projected
by Dick Hall-Sizemore Some commenters on this blog have expressed serious concern about the choices facing Governor Youngkin this fall in the development of his recommended amendments to the state’s two-year budget. They cite the prospects of recession and the uncertainty created by such prospects. They can rest a little easier for now. The Secretary…
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Predicting State Revenue in the Face of Inflation and Recession – Bipartisan Issues, Bipartisan Approach, Damnably Difficult
by James C. Sherlock Governor Youngkin on Wednesday spoke to the Joint Advisory Board of Economists (the Board), part of a genuinely bipartisan structure established under Virginia law to support revenue assessments. Which in turn must be used to support budgets. Which are, at least in Virginia, far more political than the revenue estimates. The…
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Budget Earmarks for Nonstate Entities
by Dick Hall-Sizemore For many years, the most interesting and fun portion of the state Appropriation Act was a section near the end entitled, “State Grants to Nonstate Entities-Nonstate Agencies.” The 2000 Appropriation Act, appropriating almost $36 million for these nonstate entities, is a good example. It included funding for historic courthouses, local museums and…
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What Surplus? Virginia Doesn’t Allow Surpluses!
by Steve Haner First published this morning by the Thomas Jefferson Institute for Public Policy. Does last week’s glowing report on Virginia’s state tax collections presage additional tax relief for struggling families? The first question is, was the news really glowing?
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Uh, Governor? This is How It Works
by Dick Hall-Sizemore Someone needs to tell Governor Youngkin or his Secretary of Finance how things work in the state’s financial structure. According to a recent report in the Richmond Times-Dispatch, the Governor said that he has directed Randy McCabe, the Comptroller, or director of the Department of Accounts, to “to set aside $397 million…
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Higher Ed to General Assembly: More, More, More
by Dick Hall-Sizemore The 2022-2024 biennial state budget that became effective on July 1 included more than $1 billion in general fund appropriation for capital projects for institutions of higher education. This was in addition to at least $1 billion in general fund-supported appropriations in the previous biennial budget. One would think that more than…
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Virginia Needs Better Information Sharing to Provide Mandated Public Services to Illegals Efficiently and Effectively
by James C. Sherlock I am on record as a persistent advocate of improving the quality of both schools and medical services for poor and minority citizens. It has been the main focus of my work for years. In a directly related matter, we read, with different reactions depending upon our politics, of the struggles…