Governor’s amendments include some economic development investments
- March 30, 2011
Gov. Bob McDonnell’s proposed budget amendments include an additional $2 million to develop industrial parks and $1 million for Virginia tourism.
McDonnell’s amendments also plan to invest an additional $27.8 million into the Virginia Retirement System and to create an option defined contribution plan for state employees.
McDonnell’s amendments would also put another $500,000 into the Virginia Main Street program, which is meant to drive downtown business.
McDonnell’s amendments include:
• Securing $27.8 million for the Virginia Retirement System by increasing the employer retirement contribution
• Creating an optional defined contribution plan for interested state employees
• Speeding up monthly payments into the Virginia Retirement System to encourage more timely investments
• Providing local governments the option to require employees to contribute up to 5 percent to their own retirement plans
• Eliminating taxpayer funding of public broadcasting in Virginia, saving $4.2 million over the next two fiscal years
• Dedicating $7.5 million to plans that would keep Naval Air Station Oceana in the Commonwealth
• Putting an additional $500,000 into the Virginia Main Street Program and restoring $2 million for industrial site revitalization
• Increasing funding for the tourism marketing partnership grant program by $1 million
• Fully funding state trooper overtime through the use of an additional $3 million
• Providing up to $7.4 million for local sheriffs
• Dedicating $2.5 million for the operation of the sexually violent predator facility in Nottoway at increased capacity
• Using $1 million for land conservation efforts
• Supporting Eastern Virginia Medical School with additional $1 million in state funding
• Providing $2 million for renovation of the historic Rotunda at The University of Virginia
• Reclassifying therapeutic foster care as a residential service, requiring $7.5 million