The Virginia Alcoholic Beverage Control Authority now faces an estimated $110.1 million shortfall in the revenues it had promised for the next two-year state budget, because of falling liquor sales, changing consumer behavior and overly optimistic budget assumptions.
The ABC Board of Directors, which adopted those assumptions in August under pressure from Gov. Glenn Youngkin’s chief transformation officer, reviewed a revised revenue forecast in a special meeting on Tuesday to reflect market reality, which has worsened since the authority estimated last month that it would fall $82 million short of meeting its two-year revenue target.
Read the full story in the Richmond Times-Dispatch.
