Governor Bob McDonnell unveiled his proposed amendments to the 2012- 2014 budget in a speech to the Joint Money Committees of the General Assembly this morning in Richmond.

Governor McDonnell Announces Proposed Amendments to the 2012-2014 Budget Governor Bob McDonnell unveiled his proposed amendments to the 2012- 2014 budget in a speech to the Joint Money Committees of the General Assembly this morning in Richmond. The governor's budget amendments capitalize on $92.7 million in agency savings, reductions in spending of $431.6 million and conservative budget forecasting to focus resources on addressing Virginia's transportation challenges, education reforms, health care program and reserves. The amendments target state spending on the core functions of government, and on policies most directly tied to job creation and economic development, while not raising taxes. Virginia revenue estimates, adjusted for a standard minus outlook, expect general fund revenues to grow at 3.6 percent in FY 2013 and 3.8 percent in FY 2014. Overall, the governor's budget amendments result in a net increase in overall spending for operations of $211.4 million, including 75 amendments from either targeted or agency reduction plans for a savings of $92.7 million, 75 individual amendments which decrease spending by a total of $431.6 million, and 204 amendments which increase spending by a total of $735.7 million for the biennium. The spending increases focus on six major themes for improving Virginia's financial health, including: Provide adequate funding for core services and reduce structural imbalances and gimmicks Increase liquidity to guard against future economic uncertainty and the potential impact of federal spending reductions Increase support for instructional spending on public education Continue investments in higher education Improve funding for transportation Improve support for localities The full text of the governor's remarks to the Joint Money Committees can be found here: http://www.governor.virginia.gov/utility/docs/Dec12JMC.pdf