Budget Projection Anticipates $4.2 Billion Revenue Shortfall Print
State Government
By Administrator   
Friday, 29 May 2020 10:53

Analysts for both the General Assembly's nonpartisan Fiscal Research Division and the Office of State Budget and Management predicted a total net drop in expected collections of $5 billion for the current budget biennium. 

The figure includes an expected $4.2 billion drop, or 8.2%, in General Fund revenues plus an expected $774 million drop, or 9.7%, in the Highway Fund and Highway Trust Fund.

Senate Leader Phil Berger (R-Rockingham) and Speaker Tim Moore (R-Cleveland) released a joint statement: 

"We continue to work collaboratively with the Governor on fiscal responses to this crisis, just as we did earlier this month with a consensus $1.6 billion COVID relief appropriation. We look forward to receiving the Governor’s budget recommendations as soon as possible to move forward with a plan of action."





Last Updated on Friday, 29 May 2020 10:55