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Posted at 6:39 PM ET, 12/15/2010

McDonnell to unveil $191 million in budget cuts and savings this week

By Anita Kumar
Anita Kumar

Gov. Bob McDonnell (R) said Wednesday that he will slightly revise the state's revenue forecast upward and announce that he estimates that Virginia will collect more tax revenue next year when he addresses the General Assembly's money committees Friday.

But, he said, he will still need to find $191 million in cuts and savings. On Wednesday, he announced the first $35 million.

McDonnell and Lt. Gov. Bill Bolling (R), the state's chief job creation officer, also announced that they are asking legislators for $54 million for economic development programs, including $25 million for a research and technology innovation fund and money for small businesses, tourism, the film industry and tax credits.

To find out how the McDonnell administration spent the $58 million economic development package it received in spring, read our story here.

"For the past year I have been focused on creating a 'Commonwealth of Opportunity' for Virginians, and there is no greater opportunity than that of a good paying and rewarding job,'' McDonnell said.

McDonnell will announce a complete list of all his amendments to the two-year budget Friday. That announcement will include cuts to help offset additional spending that he has proposed, including $54 million for economic development, $50 million for higher education and $150 million for transportation.

By Anita Kumar  | December 15, 2010; 6:39 PM ET
Categories:  Anita Kumar, Bill Bolling, Robert F. McDonnell, William Howell  
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Next: Virginia annnounces program to reduce violent crime


$25M dollars in grants in this economy is ridiculous!!! call it whatever you want, innovative technology = corporate welfare!

We the tax payer and small business owners only get pocket change from Mcdonnell. All he ever talks about are the big business that he's brought home to Virginia, and he doesn't realize that those new businesses are squeezing out the old businesses. Thanks Bob!

Posted by: sido1 | December 15, 2010 10:15 PM | Report abuse

A easy and wonderful way to save money is by using "Printapons". Printapons are online coupons that are dispersed based on your city. Each coupon saves at least 50% off the regular price of an item in your city.

Posted by: janadharvell | December 16, 2010 12:25 AM | Report abuse

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