Monday, March 15, 2010

HB 30- A Budget That Won’t Hurt Virginian’s Wallets


Successful Budget from House Republican Leaders

On the last day of session the General Assembly approved the 2010-2012 budget, which looks to fiscally tackle the budget shortfall while stimulating the economy. The GOP-controlled House was adamant throughout session with keeping spending in check, most notably with implementing a real structural reform that will continue to control spending in the future. Governor McDonnell’s campaign promises were solidified this weekend with the passage of the budget that includes no new tax increases on Virginia residents. In fact this budget is actually smaller than the last budget.

Instead of increasing taxes, like Kaine’s proposed budget, this budget found ways to save money rather than tax Virginians. The budget not only saved over $ 39 million in administrative spending, but also reformed the public education formula and the Virginia Retirement System to increase flexibility and save taxpayers millions of dollars.

After years of Kaine purposefully overestimating revenues to increase spending, this budget makes real revenue estimates and includes a $50 million reserve to be deposited in the Rainy Day Fund if revenue estimates are realized. With the budget reversing many of the flawed fiscal policies during the Kaine administration, it appears that Virginia is well on the track to becoming fiscally prosper again.

A special thanks is in order to Delegates Putney, M.K Cox, Sherwood, Landes, and Jones for their hard work on bringing a successful and imperative budget forward for all Virginians.

No comments: