Virginia posts $448M budget surplus
Gov. Bob McDonnell announced today during his annual remarks to the annual meeting of the General Assembly Joint Money Committees that Virginia has posted a budget surplus of $448.5 million dollars for FY 2012.
The surplus follows the Commonwealth’s $544.8 million surplus in FY 2011 and $403.3 million surplus for FY 2010. The total FY 2012 surplus consists of the previously announced revenue surplus of $129.2 million along with $187.0 million in state agency savings and agency balances, and $132.3 million in higher education and other unexpended non-general funds.
“This is the third time that I have appeared before you to review the year-end financial position of the Commonwealth. In these three years, I have now announced revenue surpluses and budget savings totaling nearly $1.4 billion. That’s not bad for any state in this economy, and it stands in stark contrast to the difficult economic times facing most other states and our national finances,” McDonnell said.