Over the last three weeks we have been reviewing the three proposed constitutional amendments that will be before us on the ballots in Tuesday's election. Today we are focusing on number three.
Amendment Number 3
Shall the constitution of Virginia be amended to increase the size of the "rainy day fund" from 10 percent to 15 percent of our average tax revenues from income and retail sales taxes for the preceding three fiscal years?
In other words, should we increase the formula of the "rainy day fund" to which state government contributes in good years in preparation for not so good years?
Currently, the maximum size of the Fund 10% of the Commonwealth's average annual tax revenues from income and sales taxes for the preceding three fiscal years; this amendment increases that amount to 15% to help protect us from lean times, much like we have seen over the last couple of years.
Once again I would like to commend all of those who worked to attract the Microsoft and other companies to the region.
Economic Development is teamwork. We have loyal local officials who work hard to have sites available that match-up with the needs of companies. We have a professional staff in Richmond that assist us both in State government and with the Tobacco Commission. This staff is ready and willing to assist the counties of the great Commonwealth. With no disrespect to anyone, and despite columns to the contrary, these successes had nothing to do with those who work in Washington. It came about because of hard work done at the local level and with assistance from Richmond.
As always, thank you for your continued support.
Please don't forget that tomorrow we have a very important election and EVERY VOTE COUNTS.
15th Senate District