Governor Kaine announces 570 layoffs to address $1B shortfall
After talking for months in general terms about impending budget cuts, Virginia Governor Tim Kaine announced today a more detailed plan to address a $973 million revenue shortfall in the current fiscal year, which runs through 2009. About $400 million will come from the “Revenue Stablization Fund,†but the rest is mostly coming through spending reductions and state agency cuts.