Summary
It's been a long, long time since Virginians heard any good budget news. So it may be tempting to greet Gov. Bob McDonnell's announcement that the state might end the fiscal year June 30 with a small budget surplus with more celebration than it deserves.
Certainly, it is good news that state government has exceeded revenue projections three months in a row -- the first time that's happened in three years. But revenue is still down from last year. Indeed, even calling it a surplus is misleading. The state received more money than forecast, that is all. Steep cuts made by former Gov. Tim Kaine as revenue forecasts continually declined after the two-year budget was passed in 2008 are the only reason the budget will show a positive balance.See the full content of this document
Extract
A Small Glimmer of Good News
The new budget that begins July 1 required $4 billion in cut...
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