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TexasTowelie

(111,301 posts)
Fri Aug 26, 2016, 07:08 AM Aug 2016

Rainy Day Fund will help soak up Virginia's budget shortfall for now

The rainy day came sooner than expected for Gov. Terry McAuliffe and General Assembly budget leaders.

The $1.5 billion shortfall that McAuliffe will announce Friday will require the state to tap the Revenue Stabilization Fund, or rainy day fund, to fill an estimated $420 million of the hole in this fiscal year and an additional $210 million in the second.

But first, the administration will have to deposit $605 million in the fund that the governor and legislature included in the two-year budget, and the General Assembly will have to agree to tap the fund when it convenes in January for a 45-day session.

“Any withdrawal has to be appropriated,” Secretary of Finance Ric Brown said Thursday.

Read more: http://www.roanoke.com/news/politics/general_assembly/rainy-day-fund-will-help-soak-up-virginia-s-budget/article_cb446cf6-ca62-5e85-8d4a-fc610f107939.html

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