Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 4 · column 4 of 5 · from the scan, no model involved
“The governor said he is committed to return the revenue in a fair and equitable way,” Stosch said. “A tax rate reduction would have broad appeal. I’m hopeful the governor also would want to return the surplus to taxpayers.”
A major reason for the extra money is the impact of federal reform on state taxes. Many taxpayers, confronted with having to pay substantially higher state taxes for selling their investments in 1987, sold them in 1986.
“They wanted to be taxed at the lower rate and the state received extra revenues on the capital gains,” a government source said of the surplus.
Also, the state economy contributed. Administration officials had projected a 9.6 percent growth in revenue during the just-ended fiscal year, but the growth ran more than 14 percent ahead of the first 11 months of fiscal 1986, the House and Senate money committees have been told.
During the past six years, the surplus has averaged $48,479 million a year, Paul W. Timmreck, budget director, said Thursday. The highest was $81 million in fiscal 1981; there was no surplus in fiscal 1983.
The state’s budget was $20 billion for 198688.
Road-widening
plans questioned
RICHMOND — The attorney general’s office is investigating whether the state transportation department improperly altered a roadwidening plan after it was shown to the public and approved by city and state officials, according to a report published Aug. 18.
Del. Franklin P. Hall (D-Richmond) initiated the probe last month with two letters to Attorney General Mary Sue Terry, the Richmond News Leader reported.
Hall said the Virginia Department of Transportation may have broken the law by expanding on the more modest plan for widening a lVi-mile section of the Chippenham Parkway.
The state wants to convert the two-lane thoroughfare through the Statford Hills and Oxford neighborhoods to a four-lane, limited-access segment of the Parham-Chippenham Connector road.
The project would enlarge the state-owned right-of-way surrounding the highway from an average of 110 feet to 200 feet or more.
92.9%