The office of Governor McAuliffe released a statement today lauding the growth in government revenue, citing a 6.4% increase in collections from a year ago. This seems like a dubious achievement, but even the increase of nearly $43 million was not enough to satisfy an even-faster appetite for government spending, requiring the governor to order some drastic measures:
“…[m]y team is working to mitigate any potential revenue shortfall by asking state agencies to conserve discretionary funds and implement budget strategies to save money in June for use in the next biennial budget.”
This growth in the government coffers comes despite record-low inflation and middling population growth, as “Virginia has had fewer people moving to it since 2010, while its positive balance of births and deaths is shrinking as its population ages.” [1]
No word yet from the administration on how much money the government should have, or if there is any actual limit on this.