McAuliffe upbeat about new budget, but watching size of revenue shortfall under old one
Gov. Terry McAuliffe kicked off the new state fiscal year Friday with a sunny assessment of Virginia’s economy, but acknowledged that lagging state revenues at the end of the previous fiscal year could delay raises promised to state and other public employees.
Comptroller David Von Moll is expected to determine by next Friday whether the state will miss its forecast for major sources of revenue by more than 1 percent, which would require a formal revision of revenue expectations for the $105 billion, two-year budget that took effect Friday.
The threshold, representing about $170 million, also would trigger provisions in the new budget that would delay raises scheduled to take effect Dec. 1 for state employees, college faculty, teachers, sheriff’s deputies and other state-supported local positions.
“We’re very close,” McAuliffe said in a Capitol news conference before setting off for a July Fourth weekend that he plans to spend with family over beer and barbecue in Northern Virginia.