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 3 · column 5 of 6 · from the scan, no model involved
By MARY K. BLEWITT
Arundel Newspapers Staff Writer
RICHMOND — Virginia stands $1.4 billion short of meeting its budget demands for the next two years as tax revenue collections continue to fall below expectations, Gov. L. Douglas Wilder announced last week. The news leaves a cloud of apprehension among state agencies and localities that await the impact of the latest fiscal report.
Amidst an eroding national economy and diminishing defense spending, the state budget figures show Virginia in the worst fiscal state since World War II, said Wilder on Aug. 3. Revised revenue projections are based on a three percent growth rate as compared to the 11 percent average growth rate in recent years, said Paul W. Timmreck, secretary of finance.
As a result, the governor instructed the state Department of Planning and Budget to begin making cuts totaling $1.4 billion, and to prepare plans for future revenue reductions. In addition, Wilder plans to divert $300 million from lottery revenues, slated for capital projects, to sustain maintainance needs.
r
94.5%