|Targeted News Service|
Speaking about the first two-year budget of his administration, the Governor remarked, "In these difficult times for
The Governor continued, "The budget bill that I am presenting today reflects the core priorities of government and our administration. It recognizes the realities of this economy. This is not a status quo period in
He concluded, "This is a budget marked by tough decisions demanded by this difficult economy.
General fund revenues are expected to grow 3.3 percent in fiscal year 2013 and 4.5 percent in fiscal year 2014.
Selected Highlights of the Governor's Biennial Budget:
* This is the largest state contribution and the largest total employer contribution to VRS in history.
* Directs an additional
* Requires reform initiatives for K-12 education that focus on performance by requiring the
* Provides much needed liquidity in the state budget by leaving an unappropriated balance in the budget of
* Stabilizes Virginia's finances by growing the
* Includes provision for up to a 3% bonus to full-time state employees on
* Increases the dedicated transportation allocation of the sales tax from .5% to .75% over the next 8 years.
* During the upcoming budget, the dedicated sales tax percentage will be increased to .55%, generating over
* Increases mental health funding by
* In the FY 2012 budget amendments,
A full breakdown of all the Governor's budget actions can be found here: http://www.governor.virginia.gov/utility/docs/2013-2014 Budget Summary.pdf
The full budget document is available here: http://www.governor.virginia.gov/utility/docs/2012-2014BiennialBudget_all.pdf.
TNS C-paypan56 111220-mv45-3723496
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