Tax revenues have not come in at the rate forecast by our northern neighbor, so the commonwealth is facing a two-year shortfall of $641 million. Instead of raising taxes, however, Democratic Gov. Tim Kaine suggests a five percent cut in state agency funding. The legislature has so far rejected attempts to dip into the rainy day fund, which at least there is fully funded with $1 billion.
Gov. Easley and state legislators here should take note.