Monday’s legislative briefing on Virginia’s revenue projections has generated a great deal of heated rhetoric and wild headlines. But is the state really heading for a big revenue decline? Is the bond rating in danger? Can the governor keep spending money even if there is no budget in place?
Big questions that need answers. But overall, those reading Virginia newspapers were largely left without solid answers. Except those who happened to catch David Ress’s piece in the Daily Press.
On the question of the revenue shortfall: Are the bad times coming fast? Eh, maybe not:
The problem, Brown said, was that 2013 saw big payments from capital gains Virginians realized when they cashed in stocks and bonds in 2012. This month so far looks like a return to more normal tax collection patterns, but the budgets now before both the House and Senate are based on total 2013 tax collections. Brown said several big business tax payments are due in the next few weeks, however.
So more money has yet to roll in. Until those figures are released, chill out.
What about the idea that the state’s AAA rating could be among the casualties of shutdown? That ties in with the governor’s constitutional responsibilities even if a budget is not in place:
[Continue reading Norman Leahy’s post at Bearing Drift.]
Norman Leahy blogs at Bearing Drift. The Local Blog Network is a group of bloggers from around the D.C. region who have agreed to make regular contributions to All Opinions Are Local.