Although the Commonwealth is heading towards economic recovery, the next two years still hold the threat of a difficult budget crisis, Gov. Mark R. Warner said before the General Assembly's money committee on Monday.
Though Warner said he plans to set aside about $400 million of federal money for fiscal relief, he does not plan to use the funds this year to restore budget cuts, instead aiming the funds at the state's next biennial budget.
Warner is slated to present the next two-year budget to the three House and Senate budget and finance committees on December 20.
Also during the meeting, Warner alluded to restructuring Virginia's tax system, although he did not divulge further details.
Republican committee members are calling for specifics on tax restructuring and where, if anywhere, Warner intends to make further budget cuts.
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