Virginia Gov.'s Budget Includes $943 Million in New Spending

Vadum, Matthew
December 2004
Bond Buyer;12/20/2004, Vol. 350 Issue 32033, p5
Trade Publication
The article reports that the proposed amendments to Virginia's $60 billion fiscal 2005-2006 biennial budget that Governor Mark R. Warner unveiled on Friday included $942.8 million in new spending--largely for transportation projects--and no authority for new tax-supported debt. The current two-year budget, which Warner signed June 25, contains authority for about $1.13 billion in debt issuance, including $261.7 million by the Virginia Public Building Authority, $1915 million by the Virginia College Building Authority, and $60 million by the Virginia Port Authority. The package also includes authority for the state to issue $ 116.9 million of debt for college dormitories, and a separate $420.5 million of debt for other projects. State tax collections in the current fiscal year that began July 1 have been higher than expected. Warner proposed $824 million in one-time funding for the state's roads and public transit, a portion of which officials say could eventually lead to the issuance of tax-exempt municipal bonds for transportation projects under the state's public-private partnership law.


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