Regions

McDonnell announces $585 million budget surplus

  •  | 
Print this page

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.
 


Reader Comments

comments powered by Disqus


showhide shortcuts