Va. ends fiscal year with $311M surplus

Gov. Bob McDonnell will announce Tuesday that Virginia ended the fiscal year on June 30 with a surplus of $311 million, according to the governor's office.

McDonnell (R) will outline how he will spend the surplus in a news conference on Capitol Square, though most of the money is already accounted for — including funding for roads, education and the Water Quality Improvement Fund, which is used for the Chesapeake Bay cleanup.

This is the second year Virginia has had a budget surplus after three years of revenue shortfalls when the state had to cut billions from the budget. Last year, Virginia ended the fiscal year with a surplus of about $403.2 million -- almost twice the previous estimate.

The state is required by law to maintain a balanced budget, meaning McDonnell would have to impose budget cuts to achieve a surplus if projections indicated that tax revenue was lower than predicted. But monthly reports have instead been showing tax collections somewhat above projections.

local

Success! Check your inbox for details. You might also like:

Please enter a valid email address

See all newsletters

Comments
Show Comments
Most Read

local

Success! Check your inbox for details.

See all newsletters