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Structuring the state's new budget

Structuring the state's new budget

The doubled-up sales tax payments retailers scrambled to make last week have been earning Virginia a bit of a rap on the knuckles over the past few years, including a particularly sharp one last month from former Federal Reserve Chairman Paul Volcker. In his view, Virginia's accelerated sales tax collection breaks with one key to sound budgeting: using current revenue to pay for current spending. Same thing with the way the state recently handled part of the funds for the nearly three-decade old project to expand U.S. Route 58. In a recent white paper report on states' budget practices, intended as a precursor to a campaign to push for nationwide reform, Volcker dinged...

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