While the state has a two-year budget in place running through June 30, 2024, lawmakers are negotiating over annual revisions to the state spending plan. Budget deliberations - which began during the 45-day General Assembly session convened in January - were paused earlier this year amid concerns over a potential recession. While state revenues had so far surpassed expectations in 2023, concerns remained over high inflation and interest rates, uncertainty over the federal debt ceiling, and some turmoil in the banking sector.
Moving forward, Governor Youngkin could opt to call a special legislative session in an attempt to bring lawmakers back to Richmond to resume negotiations, but no plans have been announced to date. As the situation continues to evolve, the Partnership is closely monitoring the deliberations and urging lawmakers to maximize investments in Virginia's early learning system.
To learn about the ongoing budget negotiations, read more from The Washington Post here.