Three constitutional amendments regarding state tax and budgeting policies won the approval of voters across Virginia yesterday.
The first initiative gives localities the authority to rule on property tax relief for elderly and disabled residents. The second initiative grants property tax exemption for veterans with 100 percent service-related disabilities. The third initiative, which won by a mere 2.21 percent, calls for an increase in the cap on Virginia's Revenue Stabilization Fund, or "rainy day" fund from 10 to 15 percent of the state's average income and retail sales tax revenues from the preceding three years.
The amendments have received bipartisan support in the General Assembly for two years and were all expected to pass by wide margins. Although the first and the second initiatives were supported by 75.79 and 82.33 percent of the population, the third proposal barely passed, gaining just 51.1 percent of the vote. Similarly, in Albemarle County, 70.88 percent voted in favor of the first amendment, 76.59 in favor of the second and 53.07 for the third.
This state-wide difference in support for the three initiatives could be seen at the University, as well.
"We've seen what can happen during an economic crisis, so I think it's good to increase the size of the rainy day fund," third-year College student Ian Toner said. "We're going to need money to get us through that if this ever happens again."
Graduate Education student Kari Wold, on the other hand, believes increasing the cap would take away resources that could be used elsewhere.\nNevertheless, in an interview last week, Del. Joe Morrissey, D-Henrico County, emphasized the necessity of this cautionary fund.
"Anybody who has witnessed the economic downturn that we have experienced in the last three months knows that we need a cushion," Morrissey said. "Last year was the first time in eight decades that we have had a decrease in revenues two years in a row. That itself gives me a great reason to be concerned about the stability in revenue, and it is all the more reason to have a bolstered rainy day fund."
The first two ballot initiatives, however, passed with general support and wide margins.
Third-year College student Evan Shields cast his vote in favor of the first measure "because I wanted to empower elderly and disabled residents."\nThe second constitutional amendment allowing property tax exemptions for veterans had even more support in final tallies.
Second-year College student Marco Segura was among those who supported the measure, citing his experience as an intern for John McCain's office as motivation because he saw that veterans "truly suffered" after serving.
Still, though, not all voters agreed with the initiative's details. "I don't think anyone should be exempt from taxes," said third-year student college student Jon Denton said.
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