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    • 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





      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



      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.