Monday, December 18, 2017

Budget Update

Governor McAuliffe presented his proposed 2018-2020 biennial budget to the Joint Money Committees today. VSBA staff attended the meeting which was at full capacity. In his remarks, the Governor committed to fully funding the SOQ rebenchmarking process at $436 million. He proposed providing an additional $7 million to support programming for at-risk students, plus $7.6 million to provide state support for a full-time principal in every elementary school. In total, the budget proposes $516 million in additional funds for public education.

Though revenue collections in FY 2017 exceeded expectations, most of these additional funds have been reserved for commitments to the Water Quality Improvement Fund, Cash Reserve, and offsetting debt for capital projects.

View the Governor’s full remarks here:

You can find the Governor’s budget proposal here:

You can find the presentation made today by Richard Brown, Secretary of Finance, here.

You can find the presentation today made by Daniel Timberlake, Director Department of Planning and Budget, here.