Press Release
STATEMENT OF LIEUTENANT GOVERNOR BILL BOLLING ON GOVERNOR KAINE'S REVISED BUDGET FORECAST
Tuesday, February 12, 2008
Richmond - Earlier today Governor Tim Kaine released his revised budget forecast for the 2008 fiscal year and the 2008-2010 biennium. Because of declining revenue projections, the Governor has proposed making additional withdrawals from the Commonwealth's Revenue Stabilization Fund (Rainy Day Fund) and scaling back previously proposed spending initiatives. In response to the Governor's actions, Lieutenant Governor Bill Bolling issued the following statement:
"When Governor Kaine released his proposed budget in December of 2007, I expressed concern over the huge increase in spending that he had proposed for the upcoming biennium, as well as the manner in which he proposed to balance the state budget. I warned at the time that the Governor's revenue projections would ultimately have to be revised and that reductions in his proposed spending initiatives would have to be made. Unfortunately, those warnings have come true, and we are now left with a budgetary mess.
"I am confident that the members of the General Assembly will do what has to be done to bring the state budget into balance without raising taxes. However, to do this we will have to make many difficult budget decisions in the coming days, including significant reductions in the Governor's proposed spending initiatives, as well as the adoption of a realistic revenue projection for the upcoming biennium. Unfortunately, we are placed in this position because of the Governor's failure to bring us a realistic and structurally sound budget to begin with.
"This will not be an easy task, but we remain committed to balancing the budget without raising taxes, adopting a budget that directs as many resources as possible to the Commonwealth's highest priorities, and scales back spending in all other areas. We ask for the patience and support of the people of Virginia as we begin making these difficult decisions."
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For additional information contact Randy Marcus at 804-814-7117 (cell) or randy.marcus@ltgov.virginia.gov.
