Gov. Ralph Northam today addressed a Joint Meeting of the Senate Finance, House Appropriations, and House Finance Committees where he discussed the state of the Commonwealth’s finances and the Virginia economy.
“Over the last year we have worked together to maintain Virginia’s triple-A bond rating, put more money in our reserves, and made smart investments in our long-term growth,” Northam said. “But as the global economy changes, we must be both cautious and strategic. During the next budget cycle we will continue laying a strong foundation for Virginia—preparing for a rainy day while investing responsibility in our long-term growth.”
Virginia ended the fiscal year with a surplus of $797 million, with much of that money already obligated for items such as water quality and taxpayer relief. The Commonwealth put $344.4 million into our reserves, which will bring total reserve funding to $1.6 billion—the highest amount ever—by 2021.
Northam highlighted another important milestone for economic development in Virginia, announcing that his administration has secured $20 billion in investment since taking office in January 2018—more than any previous administration has announced in a full four-year term. This economic development has created over 51,000 new jobs across the Commonwealth.
The governor’s full remarks as prepared for delivery are available here.
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Chris Graham
