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.
