Virginia Gov. Bob McDonnell and Lt. Gov. Bill Bolling on Wednesday rolled out a $54 million spending package intended to generate economic development and jobs over the next two years. The largest chunk of the proposal is $25 million for a research and technology fund that would provide money for businesses, matching funds to encourage universities to collaborate with companies and money to lure scholars and professors to state universities. “I look forward to working with members from both sides of the aisle yet again to ensure that our economy can grow, our business owners and entrepreneurs can create new jobs and Virginians are given every opportunity to succeed,” said McDonnell, who will formally unveil his budget proposals for 2011 and 2012 on Friday.
McDonnell’s budget proposal is expected to include $191 million in spending cuts, including axing state funding of public broadcasting in Virginia to save about $2 million in fiscal 2012 and $4 million by the end of fiscal 2013.
“Simply put, it doesn’t make sense to have some stations with the competitive advantage of being funded by taxpayer dollars,” McDonnell said of the PBS cuts. “The decision to eliminate state funding of public broadcasting is driven by the fundamental need to re-establish the proper role of government, and budget accordingly.”
In what he called his “Opportunity to Work” agenda, McDonnell also called for spending $5 million in small-business loans, $5 million in loans and tax credits to film companies and tourism projects and $4 million to revamp vacant buildings to suit new businesses.
The proposals were largely generated from McDonnell’s Economic Development and Jobs Creation Commission, co-chaired by Bolling and senior economic adviser Bob Sledd.
“These additional investments in proven job-creation programs will enable us to continue to effectively compete for new business, industry and jobs and advance key economic development strategies in important areas like technology, tourism, small business, work-force training and job creating tax reform,” said Bolling.
