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Headlines
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
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Headlines
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Headlines : Virginia
Virginia lawmakers reject key budget amendments
Virginia lawmakers soundly rejected many of Gov. Robert F. McDonnell's key amendments to the state budget.
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Headlines : Virginia
Gov. McDonnell ponders significant state tax reforms for 2013 as lasting legacy
Among the changes McDonnell said he is considering are lowering the overall sales and use tax and expanding it to cover services as varied as car repair, tax preparation and pedicures now exempt from the tax. The sales tax is paid now only on retail merchandise.
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Headlines
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
- View All News Stories
Budget timeframe: Biennial
Fiscal Year begins: July 1
Gov. Robert McDonnell
Office of Governor Bob McDonnell
Patrick Henry Building
1111 East Broad Street, 3rd Floor
Richmond, VA 23219
Phone: (804) 786-2211
Fax: (804) 371-6351
http://www.governor.virginia.gov/
Daniel Timberlake, Director
Department of Planning & Budget
1111 East Broad Street, 5th Floor
Richmond, VA 23219-1922
Phone (804) 786-7455
Fax (804) 225-3291
http://dpb.virginia.gov/
2012 Legislative Calendar: Regular Session convenes January 11 and adjourns March 10.
Legislative Budget Leaders:
Rep. Bob Purkey (R), Chair, House Finance Committee (757) 481-1493 DelBPurkey@house.virginia.gov
Rep. Lacey Putney (I), Chair, House Appropriations Committee (540) 586-0080 DelLPutney@house.virginia.gov
Sen. Charles Colgan (D), Chair, Senate Finance Committee (804) 698-7529 district29@senate.virginia.gov
The current state budget can be found here.
Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government, and click here for information on the state's pension liabilities.
Virginia is required to pass a "balanced budget." Article 10, Section 7 of the 1971 Constitution requires the governor to ensure that no expenses exceed the total revenues during the fiscal period. Despite this constraint the State reported three years of budget deficits (negative net transactions) on its Budgetary Comparison Schedules. Virginia law forbids the carrying over of a deficit from one year to the next.
The Commonwealth reports 14 (12 for FY2006 and FY2005) individual governmental funds, four of which are considered major: the General, Commonwealth Transportation, Federal Trust, and Literary funds. Each year, three of the major funds (all except for the Literary Fund) and several non-major funds are budgeted. For FY2007, one more non-major governmental fund is budgeted than in previous years. Overall, budgetary information on the Budgetary Comparison Schedules is displayed in an efficient manner with all information present and ideally ordered. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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Budget Gimmicks :
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HEADLINES
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
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HEADLINES: Virginia
State Budget: Shell games
AFter skipping payments last year, the governor now wants to shore up the retirement fund. To do so, however, he proposes dipping into money the state is giving to localities affected by changes in education funding
- View All Virginia articles
Pensions :
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HEADLINES
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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HEADLINES
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
- View All Virginia articles
K-12 Education :
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HEADLINES: Virginia
McDonnell amends Virginia budget, lightly and quickly
Gov. Bob McDonnell submitted $43.9 million in amendments about two hours before his midnight Friday deadline. He made 88 changes in all, some of them highly technical, some of them directing more funds to education, economic development and scientific research.
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HEADLINES: Virginia
More than a month late, Virginia legislators will again consider state budget
When the General Assembly returns to the Capitol on Tuesday, lawmakers are scheduled to vote on a third version of the state's two-year, $85 billion budget as state and local agencies brace for the impact of a potentially delayed spending plan.
- View All Virginia articles
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Solutions: Virginia
Focus on Results for Smarter Government Budgeting
The adoption of a priority based, or outcome-based budgeting system would help Virginia policymakers more easily identify the governmental activities most important to taxpayers and help make difficult trade-off and cost-benefit decisions.
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Solutions: Virginia
Pension Plan Reform in Virginia
Paper suggesting Virginia move toward a combined retirement program that includes partially a defined benefits program and added to this should be a defined contributions program. Such a balanced system would make the Commonwealth’s costs lower and more predictable while providing attractive benefits to employees.
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Solutions: Minnesota, Virginia
States Buying Smarter: Lessons learned from Minnesota and Virginia
States spend nearly $200 billion annually purchasing goods and services-paying for everything from building roads and bridges to buying desks and computers. Conservative estimates suggest that reform of government procurement practices could save 5 to 10 percent of that total spending.
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Solutions: Illinois, Indiana, Virginia, California, Louisiana, Colorado
What Works: Fixing State Budgets
Paper suggesting a variety of ways to fixing state budgets in crisis, including freezing or slowing public employee salary growth, privatizing infrastructure and state operations, eliminating prevailing wage and placing constitutional limits on taxing and spending.
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Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
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OPINION
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
- View All Pensions
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OPINION: Pensions
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION: Pensions
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
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BLOG: Pensions
COMMENTARY: This plan could save municipal, state workers' pension checks
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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BLOG: Pensions, Federal Government Impact
COMMENTARY: Fed screams softly in warning about public pension crisis
This is what it sounds like when the Federal Reserve Bank screams: "Much has been written about the various headwinds restraining economic activity over the near term. However, our economy also has other headwinds to confront over the medium- to-longer-term. ... the finances of some state and local governments are also under stress and in need of serious adjustments." - Federal Reserve Bank of Cleveland President Sandra Pianalto
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BLOG
Raising, Saving, and Cutting: States Get Ready for Downgrades and Super Committee Cuts
States are taking action to prepare for possible downgrades and future revenue cuts by proposing possible solutions now. But which plan is the best plan?
- View All Blog & Opinions
