In his annual summer address to the Joint Money Committees of the General Assembly this morning, Gov. Bob McDonnell announced that Virginia has posted a surplus of over half a billion dollars for FY 2011.
The $544.8 million surplus follows the Commonwealth’s $403.3 million surplus for FY 2010. The FY 2011 surplus consists of the previously announced revenue surplus of $310.7 million along with $234.1 million in state agency savings and agency balances.
“We have done this by budgeting conservatively, keeping taxes low, reforming how state government works, and investing wisely in core functions of government crucial to private sector job creation and economic development,” McDonnell said.
The governor also used this morning’s remarks to detail the disbursement of the FY 2011 surplus, including his call for the creation of a Federal Action Contingency Trust (FACT) Fund to help prepare the Commonwealth for future federal spending actions.
Allocation of FY 2011 Surplus
- Revenue Stabilization Fund: $132.7 million
- ‘Federal Action Contingency Trust’ Fund (FACT Fund): $30 million
- Virginia Water Quality Improvement Fund: $50.3 million
- Accelerated Sales Tax to Transportation Trust Fund: $26 million
- Natural Disaster Reserve: $17.3 million
- Capital Renovation (Treasury Loan Repayment): $13.1 million
- Unemployment Compensation Trust Fund Interest: $8.9 million
- Federal Portion of Electric Rate Refund: $1.4 million
- Miscellaneous Transactions: $2.9 million
- Transportation Trust Fund: $67.2 million
- BRAC Commitments: $7.5 million
- Sheriff Departments: $7.4 million
- VRS Payment and other: $18.7 million
- Planned Revisions in Budget: $13.4 million
- Reappropriated Non-General Fund/Higher Education Balances: $63.6 million
- Reappropriated General Fund Operation Balances: $84.4 million
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