Search Results for: layne

Layne Cautions Again about Excess Debt and Risk

The good news in Secretary of Finance Aubrey Layne’s presentation to the House Appropriations Committee this morning is that General Fund revenues, after a below-forecast start to the fiscal year, surged 27.4% in April. On a year-to-date basis, total revenues … Continue reading

Micron Incentives Were Behind Layne Warnings

One mystery solved:  Secretary of Finance Aubrey Layne was probably talking about Micron Technology in Manassas on August 17 when he warned the General Assembly about some very expensive economic development incentive package not yet announced or accounted for in … Continue reading

Northam Appoints Layne as Virginia CFO

In an important signal of how he plants to govern, Governor-elect Ralph Northam announced yesterday his appointment of Transportation Secretary Aubrey Layne as his Secretary of Finance. Layne will replace Ric Brown, who is retiring after serving three consecutive governors … Continue reading

Layne's Law

by James A. Bacon After spending a year and a half cleaning up the mess left by the previous administration — the Charlottesville Bypass, Norfolk’s Midtown-Downtown Tunnel, the U.S. 460 Connector in Tidewater — Transportation Secretary Aubrey Layne now has … Continue reading

Layne’s Law

by James A. Bacon After spending a year and a half cleaning up the mess left by the previous administration — the Charlottesville Bypass, Norfolk’s Midtown-Downtown Tunnel, the U.S. 460 Connector in Tidewater — Transportation Secretary Aubrey Layne now has … Continue reading

Feet-to-the-Fire Time for Layne, Kilpatrick

by James A. Bacon Virginia taxpayers will have to suck up a $400 million to $500 million loss if the U.S. 460 upgrade between Petersburg and Suffolk never gets built, Transportation Secretary Aubrey Layne told the House Appropriations Committee yesterday. “If … Continue reading

Surplus? How About $455 Million Windfall Tax Hike

by Steve Haner Virginia ended the last fiscal year with about $797 million more in revenue than projected, and the Northam Administration credits $455 million of that to higher taxes on about 30% of taxpayers caused by conforming to the … Continue reading

Slow and Steady Wins the Budget Race

by James A. Bacon Thanks in part to a $797 million surplus in last year’s budget, Virginia will build up its budget reserves to $1.6 billion by the end of the 2020 fiscal year, and Governor Ralph Northam is promising … Continue reading

Federal Tax Conformity Flooding State With Cash

What will you do with your $110?  Thanks to the conformity revenue flood, it’s coming. Checks are expected to arrive in October for most Virginia taxpayers, the most important piece of campaign mail they’ll get before November’s election.  The $110 … Continue reading

Staying Within the Debt Capacity

I am following up on an earlier post discussing the capital budget recommendations of the Governor and the Commonwealth’s debt capacity. Jim Bacon’s recent post discussing Secretary of Finance Aubrey Layne’s worries about increasing debt also dealt with this general … Continue reading

Your State Government in Action: Fire Programs Edition

An audit of three public safety agencies — the Virginia State Police, the Department of Emergency Management, and the Department of Fire Programs — has revealed numerous shortcomings in internal control systems, reports the Richmond Times-Dispatch. “Today was not a … Continue reading

Floods, Roads and Risk Management

In a blog post yesterday (“Risk and the Fisc”), I cited an Old Dominion University study that guesstimated that Katrina-scale hurricane could cause $40 billion in damages and lost economic activity in Hampton Roads. The cost to the Commonwealth of … Continue reading

Risk and the Fisc

As the Northam administration’s point man in negotiations with the New York bond-rating agencies, Secretary of Finance Aubrey Layne spends much of his time worrying about the Commonwealth of Virginia’s credit-worthiness. The state nearly lost its sterling AAA bond rating … Continue reading

Time to Stop Kicking the Can

The hypocrisy of General Assembly members is astounding sometimes.  They complain about vexing problems, but create obstacles to fixing those problems. Governor Northam included funding in his proposed budget to begin detailed architectural and engineering planning for replacing Central State … Continue reading

Back to Taxaginia: Add A New Wealth Tax

The 2019 General Assembly is a dust storm in the rear-view mirror, but the four state tax increases that were discussed in “Taxaginia” last November are still in the road ahead.   This post revises and extends my reporting on their … Continue reading