Virginia revenue projections remain stable as economic boost not likely until coronavirus vaccine available

Virginia revenue projections for the fiscal year have remained stable since the state reforecast in light of the economic effect from the response to COVID-19, Secretary of Finance Aubrey Lane told the Senate Finance and Appropriations Committee on Tuesday.

Revenue projections are about $2.5 billion below the initial projections that were calculated before the COVID-19 pandemic hit.

According to Lane, the state’s recovery has been steady, and he does not expect major changes unless outside factors come into play. Economic activity likely will surge only once a vaccine is readily available and another economic decline is unlikely unless a resurgence of COVID-19 yields another shutdown,
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