This year the General Assembly will be under tremendous pressure to raise taxes. Some of that pressure will come from the October, 2009, Virginia Newsletter published by the Weldon Cooper Center at the University of Virginia. It is entitled “Virginia’s State Budget – Train Wreck About to Happen.” The newsletter has a graph showing actual and projected Virginia General Fund revenues between 2006 and 2012. The graph shows a decline of $1.5 billion in General Fund revenues between 2008 and 2009. For Virginia’s current two-year budget, total revenues have declined $5.5 billion since the budget was originally enacted in 2008. The newsletter suggests that the $5.5 billion decline in revenues constitutes a train wreck. However, the Weldon Cooper Center conveniently omitted from its graph General Fund revenues for the decade prior to 2006. More ... |
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