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The first week of the session has concluded. The main items of interest were the governor's "State of the Commonwealth” address, his budget briefing and the actual introduction of the executive budget.
For the next biennium, General Fund revenues are projected to total $3,647,500,000 in the first year and $3,993,100,000 in the second year - increases of 8.3% and 9.5% over the respective previous years.
Over 80% of tax revenues will be derived from: income tax (£3.0%), sales and use tax (24.3%), and the corporate income tax (6.6%). These taxes are extremely sensitive to the fluctuations in the national economy. As the national economy continues to expand, the revenues generated by these taxes will increase.
Prediction: no new taxes this year and no general obligation bond issue. The governor has tallpn this approach and I believe that the majority of those elected to the Legislature feel the same way. However, one or more senators and one or more delegates will introduce new sales tax bills. These should be defeated.
There might well be proposals for a revenue bond issue where the fees charged the users of the facilities are used to pay off the bonds. I reserve judgment on this until f seethe projects proposed.
Included in the govdhpor’s budget are proposed •alary increases for primary aarf secondary school teach* -
77.2%