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Many states report revenue shortfalls
 
Wednesday, Jul 23, 2008 - 12:45 PM 
 
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Virginia is not alone in its budget struggles.

More states are reported revenue gaps for fiscal 2009 than for fiscal 2008, with the cumulative total more than tripling from about $13 billion to more than $40 billion, according to a report released today by the National Conference of State Legislatures.

No single tax stands out as the primary culprit for anemic revenue performance, the principal cause of state budget problems. But many states seem to be concerned about sales tax collections, according to the report.

Virginia Gov. Timothy M. Kaine has ordered state agencies to cut spending, amid concerns that a sputtering economy is expected to generate less revenue than the state needs to fund its $77 billion two-year budget.

 

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