Spanberger staffs up in Virginia

The administration of Virginia Gov.-elect Abigail Spanberger is taking shape as she announces continuity at the State Treasury level and a change at the top finance position with Delegate Mark Sickles getting the nod.

"As the Vice Chair of the House Appropriations Committee, Delegate Sickles has years of experience working with both Democrats and Republicans to pass commonsense budgets that have offered tax relief for families and helped Virginia's economy grow," said Spanberger, a Democrat who won election in November.

"He not only has the deep knowledge required to successfully manage our Commonwealth's finances but shares my commitment to fiscal responsibility and ensuring Virginians' tax dollars are put to the best possible use."

Sickles has represented South Fairfax County as a House delegate in Virginia's General Assembly for 22 years.

In addition to his work on the Appropriations Committee, Sickles also currently chairs the Health and Human Resources Subcommittee while bringing bicameral experience to the table with his service on the House-Senate budget conference committee.

"The Finance Secretariat must be a team player in helping Virginia's government to perform to its greatest potential," said Sickles.

"We need to make sure every tax dollar is employed to its greatest effect for hard-working Virginians to keep tuition low, to build more affordable housing, to ensure teachers are properly rewarded for their work, and to make quality healthcare available and affordable for everyone."

Spanberger has decided to keep the state's current treasurer, David Richardson, on staff. Richardson was appointed by outgoing Governor Glenn Youngkin in 2022.

Richardson also serves as Chair of the Virginia Treasury Board and on the Virginia Port Authority Board.

Before moving into the treasurer's chair Richardson was a partner at McGuireWoods where he specialized in tax-exempt bond financings for state and local governments.

During his legal career, he was elected as a Fellow in both the American College of Bond Counsel and the Healthcare Financial Management Association.

Spanberger also firmed up her administration with appointees specializing in policy, agriculture, health and human services, transportation, and labor.

"I'm excited to work alongside these exceptional Virginians, who I know will lead Virginia's government diligently," said Spanberger.

"I know their extensive experience in their respective fields and demonstrated dedication to improving the lives of Virginians will provide the stability our Commonwealth needs right now."

The stability of the commonwealth is taking hits from the loss of federal jobs as the Trump administration is working to downsize the federal workforce.

According to the Bureau of Labor Statistics, Virginia has shed 23,500 positions, while Washington D.C. has lost about 24,000 and Maryland is down 24,900.

Virginia maintains triple-A credit ratings from S&P Global Ratings, Fitch Ratings and Moody's Ratings.

The state budgets on a biennial basis so Spanberger will be inheriting a budget passed by her Republican predecessor, who has expressed an interest in the presidency.

In November the Virginia House Appropriations Committee released a revenue and budget outlook that forecasts tapping bond sales as the primary sources for any capital expenditures.

Virginia also has about $1.5 billion in two reserve funds.