Reserve funds to top $1.6 billion as Virginia starts budget work, returns windfall to taxpayers

[TexasTowelie]

Gov. Ralph Northam and Virginia lawmakers soon will begin work on a new two-year state budget with $1.6 billion banked in reserve, a revenue surplus swollen by federal tax law changes, and more than $431 million earmarked for return to state taxpayers.

Northam offered plenty of good news to the General Assembly money committees Tuesday morning, with assurances that Virginia is better prepared to endure a potential slowing of the state economy while securing promises of record capital investments by businesses that want to move or expand their operations here.

“We start out this budget cycle in a good place, and we all can, and should, take credit for that,” he told the Republican-controlled committees. “We have accomplished a great deal working together.”

Republican legislative leaders said the credit belongs mostly to them, especially in expanding the state’s reserves and returning most of a windfall to taxpayers who paid the state more this year because of the Tax Cuts and Jobs Act that President Donald Trump signed almost two years ago.

Read more: https://www.richmond.com/news/virginia/government-politics/general-assembly/reserve-funds-to-top-billion-as-virginia-starts-budget-work/article_d54e1c4f-1283-5ead-a102-695c4264bbe2.html

[DFW]

1. If it rains in Virginia.....

If the farmers needed rain, then the Republicans will claim the rain was their doing.

If the rain causes a flood, it will have been the Democrats' fault.

The Virginia Republicans have about as much credibility as an armed Taliban warrior claiming to be a Pacifist.