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- $54 million for Job Creation and Economic Development proposals including initiatives to grow Virginia’s innovation economy, revitalize economically distressed communities, expand small business and tourism and train workers for Virginia businesses.
- $150 million to jumpstart the Virginia Transportation Infrastructure Bank. Money will be coupled with $250 million from the VDOT audit to put $400 million into the Bank at start, with funding to rise to $1 billion by end of Administration. This is part of the Governor’s plan to inject $4 billion into transportation over the next three years. Other components include the issuance of $1.1 billion in federal GARVEE Bonds which do not add to state debt capacity and the issuance of up to $1.8 billion in already approved transportation bonds.
- $50 Million for Higher Education geared toward increasing college access and affordability and meeting the goal of awarding 100,000 degrees over the next fifteen years in the Commonwealth
- $191 million in Cuts, Savings and Reappropriations recommended by the Governor’s Commission on Government Reform and Restructuring, providing more state funding for core functions of government focused on job creation and economic development
- Reform of Virginia’s Retirement System (VRS) requiring all state employees to contribute 5% to their retirement plans. The reforms will put over $300 million in additional funds into the VRS system in FY 2012 alone and will add $4.2 Billion over the next 10 years. The employee contributions will be matched with a 3% pay raise.
