McDonnell: Virginia surplus nearly $545M
Associated Press
Published: August 18, 2011
RICHMOND, Va. — Gov. Bob McDonnell says Virginia ended the last fiscal year with a surplus of nearly $545 million.
McDonnell disclosed the new figure Thursday in a speech to the General Assembly’s money committees. Last month, the governor said Virginia ended the year with a $311 million surplus. The new figure reflects state agency savings and agency balances that were not reflected in the previous amount.
McDonnell announced that he will allocate $30 million of the surplus to a new reserve fund he’s asking the legislature to create to help the state deal with future federal spending cuts. The economies of northern Virginia and Hampton Roads are particularly dependent on federal spending.
The biggest chunk of the surplus, $133 million, will be deposited into the state’s rainy day fund.
