Update: Virginia General Assembly Budget and Metro Funding
Last week, the House and Senate passed a 2-year state budget plans. Negotiations will continue as the two Chambers work to pass a final budget before the end of the 2018 General Assembly Session. The Fiscal Years 2019-2020 budget will take effect July 1, 2018.
There are key differences in the two plans. The House budget includes Medicaid expansion, which will allow Virginia to use federal funds to provide health care. By doing so, House members were able to include $420 million in spending for other priorities, including public education and pay raises for teachers and other state employees. The Senate version does not include expanding Medicaid.
Both Chambers also approach funding Metro differently. The House version provides $105 million per year by transferring existing revenue while the Senate version provides $154 million per year, primarily relying on regional taxes. DAAR leadership continues to be actively engaged in discussions to minimize the impact on the real estate industry. Along with DAAR, members of the Northern Virginia Association of REALTORS® and the REALTOR® Association of Prince William issued a joint position on the issue: https://dullesarea.com/wp-content/uploads/2018/01/Joint-REALTOR-Statement-Regarding-Metro-Funding-Proposal.pdf.
Questions, contact Brenda Morton, Government Affairs and Communications Manager, at (703) 777-2468 or email@example.com.