- Associated Press - Thursday, July 10, 2014

RICHMOND, Va. (AP) - Virginia ended fiscal 2014 with a $438.5 million shortfall, a 1.6 percent drop from the year before.

Gov. Terry McAuliffe’s administration announced the shortfall Thursday. His office did not say whether the shortfall would lead to budget cuts.

The governor signed a budget last month that had anticipated a smaller budget shortfall for fiscal 2014 of about $350 million.

State officials have known for several weeks that revenues would be off thanks in large part to lower-than-expected tax revenues from capital gains, which the McAuliffe administration said was due to changes in federal tax policy.

Payroll and sales tax revenues were also below forecasts, which the administration said was largely due to cuts in federal government spending.

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