Dear Neighbor,
The 2010 General Assembly Session has just passed the halfway point, and I would like to take this opportunity to get you up to speed about what is happening in the State Capitol.
I also invite you to visit my newly redesigned and enhanced website at www.markherring.org. The website provides more tools for you to stay directly connected and allows for improved communication about the work I am doing on your behalf.
Budget Action
This has been, and will continue to be, a very challenging Session given the difficult fiscal situation we find ourselves in. Like most states, Virginia is facing unprecedented revenue declines due to the national economy. I will continue to work toward balancing the Commonwealth’s budget which will mean tightening our belts further and making difficult choices.
Opposing the Education Funding Freeze
An important component of the budget I have been working hard to change is the proposed freeze on the scheduled recalculation of the Local Composite Index (LCI). The LCI is the formula that determines how much state education funding is distributed to each locality. This formula is recalculated every two years based on the most recent data relating to local property valuations, income and other factors.
The Governor’s introduced budget, however, would delay the scheduled recalculation for one year, preventing Loudoun and Fairfax from receiving additional funding. Delaying the reformulation would cost Loudoun County $35 million (about 7 cents on the real estate tax rate) and Fairfax County $61 million (approximately 3 cents on the real estate tax rate).
I have been very vocal in my opposition to this proposed freeze and began to organize opposition before the session began. I spoke out against this plan on the Senate Floor, introduced a budget amendment to reverse the freeze, and continue to press the Senate Finance Committee on the issue. In recent days, Governor McDonnell has lent his support to our effort, but ultimately the General Assembly must take action. The Senate Finance Committee is expected to release the Senate’s proposed budget in the next couple of days, and I am hopeful my amendment to reverse this unfair burden on Loudoun and Fairfax taxpayers will be approved.
Introduced Legislation
Additionally, I have introduced 17 bills this Session, and am pleased to report that 12 of them have passed the Senate and are working their way through the House of Delegates. Most of these measures have enjoyed strong bipartisan support. You can log on to the General Assembly’s website for a detailed look at all of the legislation I am carrying. Here are a few highlights:
The State Government Spending Accountability Act, SB 431
I have been a strong proponent of common sense measures that promote transparency and accountability in government. That is why I introduced the State Government Spending Accountability Act. During tough economic times such as these, government must strive to live within its means just like hard-working Virginians and their families must do. Citizens of the Commonwealth ought to be entitled to information about where their tax dollars are being spent, how much is being spent, and what the government is spending money on.
The legislation requires state agencies to place their check register on their agency’s website. It also directs the Auditor of Public Accounts to conduct a review of Commonwealth Data Point, the state’s online database for expenditure and revenue information, and to incorporate best practices used by other states to make the site more user-friendly and improve transparency of state agency expenditures. These are common sense actions the state can take to ensure your tax dollars are spent wisely.
The Virginia Innovation Investment Act, SB 428
Promoting technology-based economic development and job creation have been my top legislative priorities as your State Senator. Encouraging the investment of new capital in Virginia will lead to the creation of high-quality, high-paying jobs and that is why I introduced the Virginia Innovation Investment Act. This legislation provides a targeted, long-term capital gains tax exclusion for new investment in science and technology start-up companies in Virginia if the investment is made in the next three years.
I was honored when Governor McDonnell specifically mentioned this piece of legislation in his State of the Commonwealth Address. It recently passed the Senate and is moving on to the House of Delegates.
As always, representing you in the General Assembly is an honor and a privilege. I welcome your input, so please do not hesitate to contact me if there is anything I can ever do for you. My telephone number in Richmond during the Legislative Session is 804-698-7533.You can also contact me by email at district33@senate.virginia.gov. If you are on Facebook, you can receive updates on my page which can be found at www.facebook.com/markherring33 and please remember to visit my newly designed website, www.markherring.org
Sincerely,
Mark