RD211 - Governor Warner's Proposed Amendments to the 2004-2006 Budget -- Economic Outlook and Revenue Forecast


Executive Summary:
Governor Warner set four critical objectives for his amendments to the 2004-06 budget . . .

• Promote greater fairness in Virginia’s tax code.

• Maintain fiscal stability over the long term.

• Help build a stronger, more competitive economy.

• Meet our basic commitments to education, health care, transportation, and other core services.

The revised economic and revenue forecast is the result of the forecasting process set forth in the Code . . .

• The Governor’s Advisory Board of Economists met on October 20th to assess the economic outlook for the nation and Virginia.

• Participants included a senior official from Global Insight, 9 economists from the Board, and staff from 10 executive and legislative agencies.

• With few revisions, the Board’s economists selected the Standard economic outlook on which to base the preliminary revenue forecast.

• The Governor’s Advisory Council on Revenue Estimates met on November 22nd to review a preliminary revenue forecast.

• Governor Warner, the Attorney General, 7 members of the General Assembly, and 14 senior business leaders participated in the discussion.

• Council members endorsed the Standard economic outlook and revenue forecast.