Kaine to Cut Va. Revenue Projections by $1.3 Billion
Wednesday, August 19, 2009; 8:19 AM
Virginia legislators tell The Associated Press that Gov. Tim Kaine will reduce the state's official revenue projection by about $1.3 billion.
The news is due Wednesday morning in a speech Kaine is scheduled to deliver to General Assembly budget writing committees at 9:30 in Richmond.
Legislators who didn't want to be seen as upstaging the governor spoke on the condition of anonymity.
It's the fourth time since September that the worst economy since the 1930s has forced Kaine to reduce the estimate for tax and fee collections that support such core state functions as public safety and education.
With the revenue figure set, Kaine goes to work finalizing a list of cuts, savings and consolidations he's expected to announce by early September.