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The Governor's proposed
budget lays out a reasonable approach for closing the funding shortfall in the current budget and modest expansions of programs in select areas for the upcoming biennial budget. Closing the Current
Shortfall
The Governor recommends a withdrawal of $261 million from the Rainy Day Fund to help close the current shortfall of $618 million. This withdrawal is appropriate given the current fiscal situation in Virginia. First, the fund is at its maximum balance and even after a withdrawal, it will be left with near record balances. Second, the Governor has already instituted cuts in state programs of approximately $300 million as part of his efforts to close the budget shortfall. Given that the alternative to not using the Rainy Day Fund is another round of cuts, it is appropriate to turn to the Rainy Day Fund.
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