Virginia Lawmakers: Budget Shortfall Unlikely

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Senator Emmett Hanger R/24th District Senator Emmett Hanger R/24th District

Lawmakers in Richmond say that Virginia's budget is stronger than the latest predictions of where the fiscal year will close out.

The Senate Finance Committee received this briefing from Virginia's top finance official.

Secretary Ric Brown says revenues bounced back during spring 2017, which gave the commonwealth a cushion of nearly 150 million dollars before the last month of the fiscal year.

This means another budget shortfall is unlikely, but lawmakers are still keeping a close eye on the numbers.

"Just like a family household, we have constraints … We will continue to monitor that closely and it is important that we do that at least on a monthly basis," said Senator Emmett Hanger R/24th District. 

One weak point is sales tax collections. Leaders say the struggling retail industry nationally also shows up in Virginia's revenue levels.