Virginia

Virginia is expected to have a nearly $2.4 billion revenue shortfall from fiscal 2014 to 2016, the commonwealth's governor, Terry McAuliffe, said Friday.

Southeast municipal bond issuers sold $21.78 billion of debt in the first six months of the year, a 31.4% decline driven by fewer taxable and refunding deals.

Trains are now carrying passengers on the first segment of Washington rail system extension funded with $3 billion of federal loans and toll revenue bonds.

Virginia is working on a plan to reduce severe congestion on Interstate 66 that could cost as much as $3 billion.

Virginia ended fiscal 2014 with a general fund with a shortfall of $438.5 million, according to preliminary revenue collection figures.

Standard & Poor's downgraded Petersburg, Va.'s general obligation rating four notches to BBB from A-plus citing weak budgetary flexibility and liquidity.

Virginia's general fund revenue collections dropped by 20.7% in May, the largest one-month decline in 13 years, according to state officials.

The Virginia Tobacco Settlement Financing Corp. plans to draw on reserves Dec. 1 because revenues won't be sufficient to pay debt service.

Moody's said $2 billion in federal loans for a commuter train service extension into Virginia's Fairfax and Loudoun counties is a credit positive.

Virginia has joined a program to reform the state's economic development incentive programs to deliver the strongest results at the lowest possible cost.

Metropolitan Washington Airport Authority will complete funding of a rail line to Dulles International Airport with May's negotiated sale of $450 million of toll revenue bonds.

Virginia DOT has stopped work on a $1.4 billion toll road until it obtains final federal environmental clearance.

Virginia Gov. Terry McAuliffe called a special session for March 24 because the House and Senate were unable to agree on a state budget or expanding Medicare.

Southeast bond issuance last year dropped 11% to $56.7 billion as rising interest rates took refundings out of the running and new-money volume was nearly flat.

The first segment of a new $5.7 billion rail line extension of the Washington Metrorail system to Dulles International Airport needs more work before it can handle passengers, the Metropolitan Washington Airports Authority said Monday.

Virginia Gov. Terry McAuliffe revealed measures to trim the biennial state budget due to lower-than-expected revenue projections.

The Virginia House has voted down pursuing a constitutional convention, but Georgia and other states are still considering the measure.

Metropolitan Washington Airports Authority picks four finalists for next phase of $5.7 billion light rail extension to Dulles International Airport.

Muni experts say the lack of paper in the market bodes well for competitive pricing of Fairfax County, Va.'s $316.8 million of voter-approved general obligation bonds.

The Virginia Department of Transportation sought bids on more than $2.5 billion of transportation projects — more than the promised $2 billion - this year, Gov. Bob McDonnell said Wednesday.