Virginia could face $3 billion shortfall

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Gov. Timothy M. Kaine’s economic advisers are predicting state revenues could dip as much as $3 billion in the current two-year budget. This comes on top of $2 billion cuts Kaine asked state agencies to make in the previous budget cycle. State revenues have been hit by slow housing sales and reduced income and sales tax. The recent market turmoil and increased energy cost only added to the problems. Kaine has asked state agencies to submit plans to cut spending by 5 percent, 10 percent and 15 percent. Kaine’s previous budget cuts did not affect essential services, such as public safety and education. Even these, however, now could face cuts. (Richmond Times-Dispatch

Albert L. Prillaman was elected CEO of Stanley Furniture Co. on Thursday, returning to a position he held previously for 17 years. Prillaman has been with the company since 1969. The company said Jeffrey R. Scheffer left to pursue other interests. (Martinsville Bulletin)

Dominion Resources is cutting its natural gas drilling rights from the Marcellus Shale project after Antero Resources had trouble obtaining financing in tight credit markets. Dominion changed its agreement with Antero Resources to $347 million from $522 million. (Reuters

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