State budget revenues down

From NBC12 News

RICHMOND, VA (WWBT) -A drop in state revenues may have some agencies cutting back again.

Revenues dropped 15.6 percent in May compared to one year ago.

That information came from the state finance secretary yesterday.

Virginia's target revenue has already been drastically reduced three times this


The latest announcement leaves the state about $1.3 billion dollars short of the year-end goal.

The short-fall will leave a year-end hole of about $300 million.

The state will have to use unspent balances and federal stimulus cash for the fiscal year, which ends June 30th.

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