Industries

Virgnia’s budget shortfall could be more than $1 billion

  •  | 
Print this page

State legislators predict Virginia will have at least a $1 billion shortfall in the current two-year budget. Gov. Timothy M. Kaine is scheduled to present a revenue report to the General Assembly on Monday. (Richmond Times-Dispatch)

Mortgage finance company Freddie Mac of McLean spent almost $2.3 billion lobbying Congress during the second quarter of 2008. The government recently created a plan that would allow Congress to lend money to Freddie Mac and its sister company, Fannie Mae. Fannie Mae spent $1.5 million in the same time period. (The Associated Press

Virginia ranks fourth in its download speeds, according to a Communications Workers of America’s Speedmatters.org study. Virginia ranked 11th last year. (Richmond Times-Dispatch)

Earnings

Fairfax-based SRA International reported an 18 percent increase in fourth-quarter income to $384.8 million. The company, a technology consultant for government organizations, saw an increase in its labor services revenue.

For the Record

Alliant Techsystems, a defense contractor headquartered in Minneapolis, received a Secretary of the Army Energy and Water Management Award for its efforts in managing energy at the company’s Radford Army Ammunition Plant. Increased output at the plant since 2003 resulted in an increase in demand for steam and electricity. A study identified ways to achieve savings through repairs and system optimization. A conversation plan was included in an overall modernization project and a reduction in emissions and increase in efficiency was achieved without impacting production levels. (PRNewswire)

Clarabridge, a Reston-based provider of text analytics software for improving customer experience management by Fortune 1000 companies, secured $12 million in Series C financing. The new round of funding is led by Grotech Ventures and joined by Harbert Venture Partners and existing investors Boulder Ventures and Intersouth Partners. The company will use the proceeds to expand sales and marketing efforts, grow product development through a doubling of its workforce in 2008 across several departments. (Business Wire)

CACI International Inc., a Arlington-based provider of IT services to the defense sector, won a three-year, $62 million contract from the Army to support the Communications-Electronics Research, Development and Engineer Center’s Command and Control Directorate at Fort Monmouth, N.J. CACI will provide design, testing and service on new command, control, communications, computers, intelligence and surveillance systems. The division designs, develops and integrates new systems in the field for all the armed services. (PRNewswire)

The GBS Group, a Virginia Beach engineering consulting and technical services firm, won a four-year, $8 million contract, including options, for information technology support services at the Naval Surface Warfare Center’s Ship Systems Engineering Station in Philadelphia. The station is the Navy’s principal test and evaluation operation. GBS will provide information technology support on a variety of machinery information systems, engineering development, test and evaluation, performance and data analysis, system integration and fleet support. (News release)


Reader Comments

comments powered by Disqus


showhide shortcuts