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Raises hang in the balance for state workers, school teachers and other public employees as Virginia collects and counts the last dollars coming into the treasury from the fiscal year that ended last week.

But while the size of an expected revenue shortfall will determine whether salaries increase Dec. 1, as scheduled, in the state budget that took effect Friday, Gov. Terry McAuliffe and the General Assembly plan to take a fresh look at revenue projections even if not required to do so by law.

“I don’t see a scenario where we’re not going to have to at least informally look at the (revenue) forecast,” Secretary of Finance Richard D. “Ric” Brown said last week.

One reason is a growing disconnect between expanding employment and weak growth in income taxes withheld through payroll. That is especially evident in Northern Virginia, long the economic engine for the state budget but now faltering from growth in lower-paying jobs under the specter of potential federal spending cuts that could resume in the second year of the new budget.

“There is a high likelihood that sequestration will be back at full gale force in two years,” McAuliffe cautioned at a state Capitol news conference Friday, the beginning of the new fiscal year and budget biennium.