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VIRGINIA

Virginia

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  • Background
  • Issues
  • Solutions
  • Pensions
  • Commentary
    • Headlines

      Pace of pension reform ebbs after 49 states change laws

      Hazel Bradford | by Pensions & Investments | April 15, 2014

      While the sense of urgency has diminished, reform attempts have become a legislative staple, as public retirement systems continue to grapple with unfunded liabilities and political pressure to change.

    • Headlines

      State government dependence on federal funding growing at alarming rate

      The Washington Examiner | by David Freddoso | April 15, 2014

      This trend of increased state dependency on Washington reduces state and local control, while threatening the states' long-run autonomy.

    • Headlines

      Rich States, Poor States

      ALEC | by Arthur B. Laffer, Stephen Moore and Jonathan Williams | April 15, 2014

      Using years of economic data and empirical evidence from each state, the authors identify which policies can lead a state to economic prosperity. Rich States, Poor States not only identifies these policies but also makes sound research-based conclusions about which states are poised to achieve greater economic prosperity and those that are stuck on the path to a lackluster economy.

    • Headlines

      Rebounding economy fills state coffers with record tax revenues

      Washington Post - GovBeat | by Reid Wilson | April 10, 2014

      State governments collected more than $846 billion in tax revenue in the last fiscal year, the highest amount ever reported, as a rebounding economy boosted coffers hit hard by the recession.

    • Headlines : Virginia

      McAuliffe quietly amends bills to add budget catch

      The Virginian-Pilot | by Julian Walker | April 8, 2014

      The Democratic governor has quietly amended at least 11 bills - mostly Republican - so they wouldn't take effect until Virginia has a budget, an assertion of authority by McAuliffe.

    • Budget timeframe: Biennial

      Fiscal Year begins: July 1 

      The current state budget can be found here.

      Find the legislative session calendar here.

      Find the current legislative leaders here.


      VA Gov. McDonnellGov. Robert McDonnell
      Office of Governor Bob McDonnell
      Patrick Henry Building
      1111 East Broad Street, 3rd Floor
      Richmond, VA 23219
      Phone: (804) 786-2211
      Fax: (804) 371-6351
      http://www.governor.virginia.gov/

       

       

       

       

      Daniel Timberlake, Director
      Department of Planning & Budget
      1111 East Broad Street, 5th Floor
      Richmond, VA 23219-1922
      Phone (804) 786-7455
      Fax (804) 225-3291
      http://dpb.virginia.gov/

       

       

      Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2012 Comprehensive Annual Financial Report (CAFR) compiled by the state government, and click here for information on the state's pension liabilities

       

      Virginia is required to pass a "balanced budget." Article 10, Section 7 of the 1971 Constitution requires the governor to ensure that no expenses exceed the total revenues during the fiscal period. Despite this constraint the State reported three years of budget deficits (negative net transactions) on its Budgetary Comparison Schedules. Virginia law forbids the carrying over of a deficit from one year to the next.

       

      The Commonwealth reports 14 (12 for FY2006 and FY2005) individual governmental funds, four of which are considered major: the General, Commonwealth Transportation, Federal Trust, and Literary funds. Each year, three of the major funds (all except for the Literary Fund) and several non-major funds are budgeted. For FY2007, one more non-major governmental fund is budgeted than in previous years. Overall, budgetary information on the Budgetary Comparison Schedules is displayed in an efficient manner with all information present and ideally ordered. [from the Institute for Truth in Accounting]

       

      Find the state's bond ratings here.

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    • Solutions

      How Reality-Based Budgeting Can Permanently Resolve State Budget Gaps

      State Budget Solutions | by Bob Williams | November 7, 2012

      State Budget Solutions recommends that state legislators take action in 2013 to resolve the serious state financial crises by changing their focus from inputs to outcomes by redesigning budgets from the ground up based on priorities and performance.

    • Solutions

      How to Prevent Future Pension Crises

      by Cory Eucalitto | November 1, 2012

      The time for state and local governments to offer defined contribution retirement plans that protect both taxpayer dollars and public employee retirement security is now.

    • Solutions

      State Lawmakerís Guide to Evaluating Medicaid Expansion Projections

      The Heritage Foundation | by Edmund F. Haislmaier and Drew Gonshorowski | October 17, 2012

      Supporters of Obamacare claim that expanding Medicaid will entail little to no cost to state governments, since the federal government will fund the vast majority of the additional costs. Indeed, some analyses project states achieving savings from adopting the expansion. However, state lawmakers should be wary of accepting such analyses at face value.

    • Solutions

      Medicaid Is BrokenóLet the States Fix It

      The Wall Street Journal | by Paul Howard and Russell Sykes | October 15, 2012

      Block-granting Medicaid is the best way to deliver better, cost-effective care to the most vulnerable Americans.

    • Solutions

      The Case for Reform: Prisons

      Right on Crime | August 1, 2012

      Prisons are supremely important, but they are also a supremely expensive government program, and thus prison systems must be held to the highest standards of accountability.

    • Headlines

      Pace of pension reform ebbs after 49 states change laws

      Hazel Bradford | by Pensions & Investments | April 15, 2014

      While the sense of urgency has diminished, reform attempts have become a legislative staple, as public retirement systems continue to grapple with unfunded liabilities and political pressure to change.

    • HEADLINES

      Pace of pension reform ebbs after 49 states change laws

      Hazel Bradford | by Pensions & Investments | April 15, 2014

      While the sense of urgency has diminished, reform attempts have become a legislative staple, as public retirement systems continue to grapple with unfunded liabilities and political pressure to change.

    • Pace of pension reform ebbs after 49 states change laws

      Hazel Bradford | by Pensions & Investments | April 15, 2014

      While the sense of urgency has diminished, reform attempts have become a legislative staple, as public retirement systems continue to grapple with unfunded liabilities and political pressure to change.

    • Headlines

      State government dependence on federal funding growing at alarming rate

      The Washington Examiner | by David Freddoso | April 15, 2014

      This trend of increased state dependency on Washington reduces state and local control, while threatening the states' long-run autonomy.

    • Headlines

      Rich States, Poor States

      ALEC | by Arthur B. Laffer, Stephen Moore and Jonathan Williams | April 15, 2014

      Using years of economic data and empirical evidence from each state, the authors identify which policies can lead a state to economic prosperity. Rich States, Poor States not only identifies these policies but also makes sound research-based conclusions about which states are poised to achieve greater economic prosperity and those that are stuck on the path to a lackluster economy.

    • Headlines

      Rebounding economy fills state coffers with record tax revenues

      Washington Post - GovBeat | by Reid Wilson | April 10, 2014

      State governments collected more than $846 billion in tax revenue in the last fiscal year, the highest amount ever reported, as a rebounding economy boosted coffers hit hard by the recession.

    • Headlines : Virginia

      McAuliffe quietly amends bills to add budget catch

      The Virginian-Pilot | by Julian Walker | April 8, 2014

      The Democratic governor has quietly amended at least 11 bills - mostly Republican - so they wouldn't take effect until Virginia has a budget, an assertion of authority by McAuliffe.

    • HEADLINES: Virginia

      McAuliffe quietly amends bills to add budget catch

      The Virginian-Pilot | by Julian Walker | April 8, 2014

      The Democratic governor has quietly amended at least 11 bills - mostly Republican - so they wouldn't take effect until Virginia has a budget, an assertion of authority by McAuliffe.

    • Headlines

      Pew's latest pension report understates unfunded liabilities, but still shows growing pension problem

      by Cory Eucalitto | April 4, 2014

      While Pew's report relies directly on state-reported numbers that understate the size of unfunded liabilities, it nonetheless shows tremendous growth in unfunded liabilities since 2008.

    • HEADLINES

      Pew's latest pension report understates unfunded liabilities, but still shows growing pension problem

      by Cory Eucalitto | April 4, 2014

      While Pew's report relies directly on state-reported numbers that understate the size of unfunded liabilities, it nonetheless shows tremendous growth in unfunded liabilities since 2008.