RICHMOND, Va. (AP) _ Virginia Gov. Terry McAuliffe is set to release details on budget cuts for the next two years. McAuliffe and leaders of the General Assembly are scheduled to attend a news conference on the agreement Monday. McAuliffe announced the agreement Saturday after appearing at the annual meeting of the Virginia Governmental Employees Association. McAuliffe has said officials are projecting a revenue shortfall of nearly $2.4 billion over a three-year period. State agencies have until Friday to submit plans to cut spending by 5 percent in the first year and 7 percent in the second year.
Previous post from Saturday, 9/14/14 12:35 a.m.
RICHMOND, Va. (AP) _ Virginia Gov. Terry McAuliffe says an agreement has been reached on budget cuts for the next two years. McAuliffe and leaders of the General Assembly plan to release details at a news conference on Monday. McAuliffe has said officials are projecting a revenue shortfall of nearly $2.4 billion over a three-year period. McAuliffe appeared Saturday at the annual meeting of the Virginia Governmental Employees Association. He tells the Richmond Times-Dispatch that the agreement will protect priorities such as funding for education and health-care initiatives. The newspaper says the agreement will identify areas that would close a $346 million revenue gap in the fiscal year that began July 1. It also would partially address a $536 million shortfall in the second year of the two-year budget.
