This week was budget week at the General Assembly. In addition to addressing roughly 2,300 pieces of legislation this session, the General Assembly must pass a biennial budget for the 2014-2016 biennium.

I am pleased to report that the House voted to approve a fiscally responsible budget that is structurally balanced and invests in the core functions of government that best meet the needs of Virginia citizens. Our budgeting approach has a demonstrated track-record. Since 2007, we have cut nearly $7 billion in spending and generally discretionary spending has increased at a rate of less than 1 percent. Our cautious, conservative approach has netted Virginia nearly $2 billion in surpluses over the last four years. As is Constitutionally-required, the House included a $243 million Rainy Day Fund deposit that brings the fund to over $900 million. We also set aside nearly $140 million for a revenue reserve fund to offset any potential economic downturns.

While the economy remains uncertain, our future is brighter when our children have access to a quality education. So dollars invested this year increase access for Virginia students, keep college more affordable for Virginia middle class families, enhance the quality of an educational experience and improve job opportunities. The House has added $6.2 million dollars to create 1,700 additional in-state slots at William & Mary, Virginia Tech, James Madison, and the University of Virginia. We've also committed $20 million in new funding to help mitigate increased tuition costs. Tuition increases for the last two years, at 4 and 4.7%, are some of the lowest tuition increases in the last decade. Our goal is to continue with this trend so more Virginia students can attend the Commonwealth's world class universities. K-12 education will receive a $531 million net increase in the House budget. This additional funding for students, teachers, and our school systems accounts for approximately 25% of the new investment.

A summary of the budget recommendations may be found here: Link to budget recommendations