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Governor McDonnell unveils the 2015-2016 Budget
December 2013

Yesterday morning Governor McDonnell unveiled his biennial budget. With only a few weeks left in his administration this is his last big act as Governor of Virginia. The budget totaled almost $95.9 billion for the biennium. Highlights include:

  • Triples the Rainy Day Fund from the beginningto governor’s term; fund will reach $1 billion by 2016
  • Allocates $183.1 million in additional, new higher education funding
  • Provides $38.3 million in new funding for mental health priorities
  • $50.9 million left unappropriated in the general fund for budget flexibility for the General Assembly and incoming McAuliffe administration
  • Includes $582.6 million in increased funding in the biennium for K-12 and Pre-K
  • Dedicates $16.2 million to cover biennial costs of providing foster care and adoption payments
  • Fully funds pension reform commitment of phasing-in increases to state and teacher retirement contributions to reduce future unfunded liabilities
  • Continues the Medicaid Innovation and Reform Commission
  • Sunsets any Medicaid expansion in 2016
  • Ensures $4 million for oyster restoration efforts

  • These are just a sampling of what is included the Governor’s budget. For more specific information please follow this link


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