Virginia State Revenues Decline by $439 Million - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Virginia State Revenues Decline by $439 Million

Posted:

RICHMOND, Va. (AP) - Virginia ended fiscal 2014 with a $438.5 million shortfall, a 1.6 percent drop from the year before.

Gov. Terry McAuliffe's administration announced the shortfall Thursday. His office did not say whether the shortfall would lead to budget cuts.

The governor signed a budget last month that had anticipated a smaller budget shortfall for fiscal 2014 of about $350 million.

State officials have known for several weeks that revenues would be off thanks in large part to lower-than-expected tax revenues from capital gains, which the McAuliffe administration said was due to changes in federal tax policy.

Payroll and sales tax revenues were also below forecasts, which the administration said was largely due to cuts in federal government spending.

 

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Bike Light Project Expanding in Ocean City

    Bike Light Project Expanding in Ocean City

    Apr 23, 2018 5:09 PM2018-04-23 21:09:00 GMT
    Monday, April 23 2018 5:10 PM EDT2018-04-23 21:10:37 GMT
    Ocean City receives funding for safer bike path for bicyclist (WBOC)Ocean City receives funding for safer bike path for bicyclist (WBOC)
    Ocean City receives funding for safer bike path for bicyclist (WBOC)Ocean City receives funding for safer bike path for bicyclist (WBOC)
    The Town of Ocean City is growing the bicycle light project after the Ocean City Police Department said it experienced overwhelmingly positive feedback.More
    The Town of Ocean City is growing the bicycle light project after the Ocean City Police Department said it experienced overwhelmingly positive feedback.More
  • Arson Investigation Leads to Arrest of Salisbury Woman

    Arson Investigation Leads to Arrest of Salisbury Woman

    Apr 23, 2018 4:59 PM2018-04-23 20:59:00 GMT
    Monday, April 23 2018 4:59 PM EDT2018-04-23 20:59:46 GMT
    A Salisbury woman faces multiple charges following an investigation into threats of arson.More
    A Salisbury woman faces multiple charges following an investigation into threats of arson.More
  • Horn Point Lab Gets Solar Field, Canopy

    Horn Point Lab Gets Solar Field, Canopy

    Apr 23, 2018 3:28 PM2018-04-23 19:28:00 GMT
    Monday, April 23 2018 3:47 PM EDT2018-04-23 19:47:22 GMT
    Among the green grass and flowers at Horn Point Laboratory, located just outside Cambridge, Maryland, one can hear the hum of machines gathering light from the sun.More
    Among the green grass and flowers at Horn Point Laboratory, located just outside Cambridge, Maryland, one can hear the hum of machines gathering light from the sun.More
Powered by Frankly

All content © Copyright 2000 - 2018 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices