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.


augusta free press news
augusta free press news