McDonnell announces $585 million budget surplus

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Gov. Bob McDonnell announced Monday that Virginia finished its most recent fiscal year with an extra $585 million, its largest surplus since 2005.

McDonnell told the joint money committees of the General Assembly that the surplus includes a revenue surplus of $264.3 million and $320.7 million in savings.

McDonnell pointed out that the cumulative surplus of his four years in office will be almost $2 billion, and the state’s rainy day fund would exceed $1 billion by the end of the two-year budget he will propose in December.

Of the budget surplus, $218.9 million will go toward the Rainy Day Fund, $21.7 million to the Transportation Trust Fund and $22.5 million to the Federal Action Contingency Trust (FACT) Fund, which was created to help Virginia offset federal budget cuts. Other designations for the money can be found at this chart.

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