Category: Government Finance
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Dominion ❤ New Utility Bill Payment Plan
By Steve Haner Dominion Energy Virginia loves the General Assembly’s most recent proposal on how to deal with mounting unpaid utility bills in the COVID-19 recession. You might not. The state’s dominant utility has activated its network of grassroots lobbyists (including company retirees and stockholders) to express their personal support to their hometown delegate and…
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House Offers $330 Million Utility, Unemployment Aid
By Steve Haner Virginia’s House of Delegates has proposed spending $120 million from federal COVID-19 relief funds to help at least some Virginia families catch up on their utility bills and wants to pump $210 million from the same source into the state’s unemployment insurance program. Both ideas surfaced when the House Appropriations Committee approved…
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No! We Want to Spend the Money!
By Dick Hall-Sizemore After more than a month into a special session called primarily to deal with revenue shortfalls resulting from the pandemic-induced economic slowdown, the House and Senate finally have produced their versions of a revised budget. I wonder if Governor Ralph Northam is regretting having even called this special session. Neither house limited…
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$300 Million Bond Refinancing Won’t “Save” Higher Ed from Long-Term Challenges
by James A. Bacon Governor Ralph Northam has unveiled a higher-education refinancing plan that will allow Virginia’s public colleges and universities to reschedule more than $300 million in debt over the next two years. The Commonwealth of Virginia would refinance bonds issued by the Treasury Board of Virginia and the Virginia College Building Authority. Under…
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Uh, Oh, Another Bad Year for VRS Investments
by James A. Bacon The Virginia Retirement System earned 1.4% on its $82 billion investment portfolio in fiscal year 2020, far below the long-term average of 6.75% the VRS Board of Trustees assumes that it will earn over the next 30 years, reports the Richmond Times-Dispatch. VRS investments have returned 5.2% over the past three…
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Progress Check on Criminal Justice Reform and Budget Fix
By Dick Hall-Sizemore Although there is not an official “cross-over” deadline for legislation in the special session, each house of the General Assembly seems to have largely completed consideration of its own bills. Thus, this is a good time to review their progress on enacting the Democrats’ agenda on criminal justice reform and revising the…
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Job Recovery Is Not the Special Session’s Focus
By Steve Haner With the Virginia General Assembly’s “Cops and COVID” special session moving into its third week, it seems likely to impede rather than assist the state’s economic recovery from the pandemic. It may also greatly expand COVID-19’s financial burdens in the years to come. The highly publicized issues of unpaid rents and utility…
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Boomergeddon vs Modern Monetary Theory (MMT)
by DJ Rippert Saving America’s bacon. In 2010 Jim Bacon, blogrunner of this site, wrote a book titled Boomergeddon. The sub-title of the book is, “How Runaway Deficits and the Age Wave Will Bankrupt the Federal Government and Devastate Retirement for Baby Boomers Unless We Act Now.” The book is well written and contains considerable…
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The Trash Tax Returns; Energy Price Hikes Ignored
By Steve Haner Proving once again how rare are the new ideas, Governor Ralph Northam’s proposed Special Session budget amendments resurrect a possible state-collected solid waste tipping fee, which crashed and burned in 2002 after being successfully tagged a “trash tax.” The proposal calls for a study to be completed by November 1, laying the…
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Pressure Builds on Northam to Crank up Spending
by James A. Bacon In many ways Governor Ralph Northam has governed as a leftist-progressive Democrat bearing little resemblance to the moderate he proclaimed himself to be when he ran for office. He has expanded Medicaid, mandated a 100% carbon-free electric grid within 30 years, and turned over Virginia’s schools to zealots far more dedicated…
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What About Those Folks Facing Eviction, Governor?
By Dick Hall-Sizemore In his July 24 letter to the Chief Justice, the Governor requested the Supreme Court extend its moratorium on evictions. He concluded his request by saying, “This [the moratorium] will provide my administration the time to both work with the General Assembly to develop and pass a legislative package that will provide…
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Northam Asks Legislators: Resist Urge to Spend
By Steve Haner Perhaps the most important point about Governor Ralph Northam’s latest Virginia state budget proposal is what he did not recommend. He did not recommend dipping into the state’s current cash reserves to restore spending items which had been frozen. No additional taxes are proposed. In fact, Secretary of Finance Aubrey Layne told…
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Taxaginia Reappears As Special Session Looms
By Steve Haner It must be a reflex. Waken or startle a Democrat and they shout, “raise taxes!” Our friends at the Commonwealth Institute for Fiscal Analysis came out Monday with a new list of (mostly old) tax proposals for the August 18 General Assembly special session. It drew the attention of Virginia’s Public Radio…
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Public Employee Collective Bargaining – Questions for Attorney General Herring
by James C. Sherlock As a consequence of the successful teacher revolt in Fairfax County, there are major legal questions which must be answered concerning the initiation of public employee collective bargaining in Virginia next spring. In accordance with Virginia Code § 2.2-505, members of the General Assembly can request official opinions of the Attorney…
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Williamsburg the Locality Most Vulnerable to COVID-19
The City of Williamsburg is the Virginia locality most vulnerable to the stresses imposed by the COVID-19 epidemic on local governments, according to a report recently issued by Virginia’s Commission on Local Government. Other small cities — Emporia, Colonial Heights, and Norton — follow close behind on the list. The Commission based its assessment on…