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Home / VA: McDonnell and Bolling Pitch Budget ReformsVA: McDonnell and Bolling Pitch Budget Reforms
Last Updated on Monday, 28 September 2009 02:09 Written by rslcpol Monday, 28 September 2009 02:09
From Richmond Times Dispatch:
The men at the top of the Republican ticket want to increase the amount of money the state can stash in its Rainy Day Fund; institute performance audits of major agencies and change the cycle of the state’s two-year budget.
These were among the proposals that GOP gubernatorial nominee Bob McDonnell and Lt. Gov. Bill Bolling outlined this morning in a call with reporters to discuss budget and spending reform.
The Rainy Day fund was an idea of Gov. L. Douglas Wilder, who served from 1990-94.
Under the GOP plan, its permissible size would increase from 10 percent to 15 percent of the state’s annual income and sales tax revenues. The change would require a constitutional amendment, and the General Assembly has already started the process, Bolling said. It will be back before the legislature this year.