GOVERNOR KAINE ANNOUNCES REVENUE REFORECAST
~ Revenue projected to decline for unprecedented second straight year ~
RICHMOND – Governor Timothy M. Kaine today released the state’s official revenue forecast in a speech to the Joint Money Committees. Below are his prepared remarks:
“Chairman Putney, Chairman Colgan, Chairman Purkey, and Members of the Committees: Good morning.
I stood before you in August 2007 and told you that Virginia’s housing market was in decline and that we needed to take steps to reduce spending and likely access the state’s reserve fund in order to manage through a slowing national economy. Many people didn’t agree with my warning about our economic situation then. Two years later, we all know that we have been through a uniquely challenging time. And I’m sure that the depth of the national recession was something that none of us—even the most pessimistic—would have predicted.
My main message to you today is that, while the national economy continues to create difficulties, Virginia has managed through this extraordinary time with skill and creativity. We have made the tough decisions that the times require and been recognized for doing so. We have more tough decisions to make. But, we are well positioned to maintain our leadership stature among states as the economy improves. And, while it is early, there are positive signs for the longer term that should make us feel a sense of optimism.
I'm posting the rest of Gov. Kaine's speech this morning to the Joint Money Committee in the comments section.
