The following is my column that will appear in this week's Mt. Vernon Gazette in the first week of January in 2023.
Budgeting Is a Careful Balancing Act
In December, Governor Youngkin proposed amendments to the state’s two-year budget. While he did include some laudable proposals, he also continued to promote some unacceptable strategies.
Virginia’s revenue picture continues to be very positive, but many of our advisors have indicated that our revenue gains could be ephemeral. First, inflation continues to be up and when things cost more, people spend more and employers give raises to keep up with inflation. Since Virginia’s General Fund is largely funded by sales and income taxes, our revenues are up compared to some past years.