Wednesday, March 19, 2008

Conservative Budget Highlights!


  • With an overall spending increase lower than the rate of population growth and inflation, Virginia’s 2008-2010 Budget is fiscally responsible, structurally balanced and limited to the core services of government.

    · These features make Virginia’s newest spending plan one of the leanest, most fiscally conservative in modern times.

  • Of great importance to Virginia’s taxpayers, the 2008-2010 Budget does not raise taxes.

    · By avoiding this too-often-utilized remedy to challenging fiscal times, the spending plan better equips the Commonwealth’s economy for greater prosperity and robust future growth.

  • The plan slows the growth of overall spending, actually reducing expenditures in some instances by eliminating underperforming government programs. For example,

    · Hard-to-Staff Schools
    · Turn-Around Specialists
    · Leadership Development Grants
    · Career Switcher Mentor Program
    · Education for a Lifetime Program

  • It reduces the withdrawal from the Rainy Day Fund proposed by Governor Kaine by 30%.

    · Although the Governor wanted to make a maximum withdrawal of $423 million, the final budget agreement limited the withdrawal to $296 million.

  • The plan incurs less debt than either the Governor’s introduced budget or the budget approved by the Senate – amounting to approximately $1.9 billion less debt.

    · Although the Governor wanted approximately $2.3 billion in tax-supported debt, the final budget agreement includes $478 million

  • It also requires annual reductions of $17.5 million for state agencies and $50 million for local governments.

  • The final budget agreement includes provisions to keep tuition and fee increases for in-state undergraduates to no more than 3%.

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