A report from the Virginia General Assembly’s investigative arm says Gov. Bob McDonnell may have overestimated how much money the state could make by privatizing its state-run liquor stores. The Joint Legislative Audit and Review Commission reviewed the proposal approved by the governor’s reform commission in September that estimated a one-time windfall of $458 million from closing the 332 state-run liquor stores and auctioning off about 1,000 retail licenses. If all the licenses aren’t sold and if bids are accepted below a pre-set minimum, for example, revenue could end up lower than projected, the report said. A private consulting firm has been hired to help weigh alternatives to privatizing both retail and wholesale liquor sales. – David Sherfinski
