Virginia Gov. Youngkin presents amendments to $64B budget

Bonds

Virginia Gov. Glenn Youngkin on Monday presented more than 240 amendments to Virginia’s biennium budget, proposing what he called a common ground budget plan.

“Today, I am proud to release my amendments for a common ground budget,” he said. “It demonstrates our commitment not as Republicans or Democrats, not as senators, delegates or a governor — but as Virginians delivering for Virginians.”

He said the $64 billion budget proposal didn’t include any tax increases or cuts and was structurally balanced.

“Virginia is in a stronger financial position than ever before, with steadily rising revenues, record reserves, and a sterling AAA bond rating,” said Gov. Glen Youngkin.

Bloomberg News

The budget includes a record $21.3 billion investment in K-12 education while capping tuition increases at 3%. It also includes a 3% pay raise for teachers and state employees in each year and increases investment in health and human resources by $3.2 billion over the biennium.

The budget “fulfills our constitutional requirements, invests in our collective priorities and keeps Virginia forging ahead on a winning path,” the governor said.

The capital outlay investments in the proposal include more than $1.4 billion in general fund cash and tax-supported debt for projects, including:

  • $100 million in bonds for improvements to wastewater treatment plants;
  • $555.7 million for renovation, replacement and improvement projects at state agencies and institutions of higher education;
  • $400 million into the general fund maintenance reserve;
  • $108.2 million for equipment; and
  • $250 million to supplement construction cost increases on previously authorized projects.

The budget that was passed by the Democrat majority in the General Assembly on March 2 eliminated over $850 million of the governor’s spending proposals, including a bond proposal to attract the NBA’s Washington Wizards and the NHL’s Washington Capitals to the state.

The Republican governor’s common ground budget restores only $230 million of those priorities and doesn’t include the $2 billion development district that would have built a sports arena in Alexandria.

“Virginia is in a stronger financial position than ever before, with steadily rising revenues, record reserves and a sterling AAA bond rating,” the governor said in a release. “The strength of our financial position is the foundation for our ability to make significant investments without raising taxes.”

The proposal now goes back to the General Assembly for consideration when they return on April 17.

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