Statement of Lieutenant Governor Bill Bolling on Passage of State Budget

RICHMOND - Earlier today, the Virginia Senate and House of Delegates took final action on the adoption of amendments to the state budget for the current fiscal year and a new state budget for the 2008/2010 biennium.  In response to this action, Lieutenant Governor Bill Bolling issued the following statement:

“I congratulate the members of the General Assembly for reaching agreement on the adoption of a new state budget.  The adoption of a budget is never an easy thing, and the process was unnecessarily complicated this year by the fiscally irresponsible budget Governor Kaine recommended in December.

“I react to the General Assembly’s budget agreement with mixed emotions.

“On the one hand, I am pleased that we were able to stop the Governor’s proposed transfer of lottery dollars to the general fund.  Had we not insisted that the Constitution be adhered to, the lottery fund would have been raided to support other government programs.

“Likewise, I am pleased that the General Assembly reversed the Governor’s proposal to redirect $180M that had been earmarked for transportation construction to other government programs.  This is a major victory that would not have been achieved without our efforts.

“However, I remain concerned that the budget agreement takes $350M out of the state’s rainy day fund in the current fiscal year and includes millions of dollars of spending on new and expanded government programs in the upcoming biennium.

“In addition, I am concerned that this budget continues to rely on overly optimistic revenue projections to pay for these new programs.  If we fail to meet these revenue projections, we will face significant budget shortfalls again in 2009 and 2010.

“In challenging economic times, government should do what families and businesses must do; we should tighten our belts, prioritize our spending commitments and spend within our means.  In some areas the budget approved by the General Assembly adheres to these principles; in other areas it falls short of my expectations.”

Date Published: 2008-03-19 00:00:00

Section: Politics,