By Chandelis Duster, Phil Karstetter, and David Preut
Richmond, VA –Tough times are about to get a little tougher for state-funded services, as almost $4 billion in state spending has been cut out of the budget for the next two fiscal years.
Of that $4 billion, $800 million will be cut from healthcare funding resulting in less state spending on medicaid and academic hospitals like MCV.
By Veronica Garabelli
VCU Capital News Service
RICHMOND, Va. – Gov. Bob McDonnell announced Monday that he would undo a freeze on an education funding formula that would have taken money from more affluent school districts and given it to less affluent ones.
“The decision to continue to update the Local Composite Index is one that I reached after extensive meetings with my finance staff, legislators, and local government officials,” McDonnell said in a press release.
“Ensuring that we have a fair formula that is implemented without regard to temporary or political considerations is the best means by which to appropriate education funding in the Commonwealth.”