Youngkin pitches boosting Virginia reserve funds with new amendment – Washington Examiner
Virginia Governor Glenn Youngkin has proposed amendments to the state budget,including a plan to increase the state’s reserve funds by $300 million. This initiative aims to prepare Virginia for potential financial disruptions as changes in the federal government,under President Trump’s administration,may substantially impact the state’s large population of federal workers.Youngkin expressed confidence that Virginia remains financially strong but emphasized the importance of bolstering “rainy day” funds to address any unforeseen challenges. He noted that approximately 145,000 federal workers reside in Virginia, making the state vulnerable to job cuts. Youngkin has also expressed commitment to support those affected by federal workforce reductions and will present his proposed amendments to the virginia General Assembly for further consideration.
Youngkin pitches boosting reserve funds in Virginia budget with uncertainty in DC
Gov. Glenn Youngkin (R-VA) offered his amendments for Virginia’s state budget, including key provisions to safeguard the Old Dominion from significant changes coming to the federal government.
As President Donald Trump and his administration adjust the federal workforce and bureaucracy, Virginia, which holds a large population of federal workers, has been one of the most affected states as executive agency jobs are slashed. As part of the amendments he submitted to the Virginia General Assembly on Monday, Youngkin proposed adding $300 million to the commonwealth’s reserve funds.
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He maintains that the commonwealth is financially strong but added that the funds would put the Old Dominion in a good position should its financial situation change.
“Our strength also allows us to put additional resources into our ‘rainy day’ funds — totaling $5 billion — to prepare for any near-term challenges or unforeseen financial issues going forward, so that we are well-positioned to address them,” Youngkin said in a statement.
At a press conference on Monday, the Virginia governor acknowledged that there could be “financial disruption” as Trump pursues significant changes to the makeup of the federal government. He did express confidence, however, in the long-term effects of such changes.
“I acknowledge — and let’s be clear, just as President Trump has acknowledged — there is risk in financial disruption as they take the needed actions to restore fiscal discipline to Washington,” Youngkin said, adding he believes Trump’s agenda gives Virginia “long term opportunity.”
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Last month, Youngkin unveiled resources for Virginia residents affected by cuts to the federal workforce and vowed that the commonwealth would support affected workers. Roughly 145,000, or 6.3% of all federal workers, reside in Virginia.
Youngkin also vetoed and offered amendments to scores of legislation passed by the General Assembly earlier this year. State lawmakers will return to Richmond on April 2 to consider the governor’s amendments and vetoes to various bills.
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