With Record Economic Success, Governor Northam Proposes Budget with Unprecedented Investments in Working Virginians

With Record Economic Success, Governor Northam Proposes Budget with Unprecedented Investments in Working Virginians

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Contacts: Office of the Governor: Alena Yarmosky, Alena.Yarmosky@governor.virginia.gov Governor Northam is the most progressive and economically successful governor in the Commonwealth’s history

RICHMOND— Governor Ralph Northam today proposed his biennial budget for 2022-2024. The proposed budget is a reflection of Governor Northam’s historic progressive leadership as the most economically successful governor in Virginia’s history. In the past four years, Virginia has generated record economic growth, with $80 billion in capital investment, and created more than 100 thousand new jobs. Under Governor Northam, Virginia generated a $2.6 billion surplus — the largest in the Commonwealth’s history.

This record economic growth and fiscal responsibility have allowed Governor Northam to build on the priorities of his last four budgets: education, equity, and investments in working Virginians.

The Governor’s proposed budget sets the incoming administration up for success in virtually every facet of state government: education, the environment, broadband, behavioral health, public safety, and economic development. Governor Northam noted that Virginia is stronger and more forward-looking as a result of the last four years—and his budget is a roadmap to continue this success.

“Over these four years, we have steered this state in a prudent manner, invested wisely for our long-term needs, and created more opportunities for our communities and our people to thrive,” said Governor Northam . “I am confident that this state is stronger and more forward-looking than it was when I took office nearly four years ago. This budget is a roadmap to continue Virginia’s success.”

The Governor’s remarks as prepared for delivery are below and the key highlights of the Governor’s budget amendments can be found here .


Good morning. Chairman Torian, Chairwoman Howell, Chairwoman Watts, Speaker Filler-Corn, members of the General Assembly, ladies and gentlemen. Thank you for the privilege of speaking with you this morning.

I would like to recognize Attorney General Mark Herring, my wife Pam, and members of our Cabinet and staff.

And I want to welcome Lieutenant Governor-elect Winsome Sears and Governor-elect Glenn Youngkin.

I invited the incoming administration today because once the campaigns are over, we all should work together to help Virginia succeed. I want to thank our Department of Elections, all of our local registrars, and the thousands of volunteers who all work to make our elections run. And we are at a unique moment, when we have the funding to catch up on long-delayed

We had a nearly-flawless election of Governor elect Youngkin this year, just as we did last year when Virginia voted for President Joe Biden. Our elections are always well-run, they’re free and fair, and they’re transparent. This is a hallmark of our democracy, and I am proud of all Virginians whose efforts help ensure that our elections go well. We saw record turnout last month—and that’s a direct result of our work to make it easier to vote in the Commonwealth.

So Governor-elect, welcome. I want you and your administration to be successful, because if you are, Virginia will continue to be successful.

It’s good to be gathered here together today. I’m glad that I can deliver my last budget speech to you all in person.

When we first met here, I was not quite a year into my term. Back then, a four year term seemed like a long time.

But those years have gone by very fast. And today I present to you my last budget. I’m biased, but I also think it’s our best one yet.

That’s because Virginia’s economy is doing very well. State revenues are at record investments, while also putting money back into the pockets of the hardest working Virginians.

We need to be clear about how this has happened. It is because over these four years, we have consistently taken a prudent, cautious approach to budgeting.We have strengthened our balance sheet to keep our finances stable. We’ve madetargeted long-term investments to help Virginia grow. And we’ve made choices that ensure moreopportunities for more Virginians.In 2018 I spoke to you about strengthening our balance sheet, making historic investments, positioning Virginia for potential future downturns, and targeted tax relief.I am glad to see that despite everything that has happened over these four years, our priorities really haven’t changed.We still want to take care of our neighbors. We still want to make sure Virginia has money put away for a rainy day. We still want to strengthen […]

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