News Column

Virginia Ends Fiscal Year With Surplus

August 19, 2013

The state ended last fiscal year with a $585 million budget surplus, the largest since 2005, Gov Bob McDonnell said this morning.

It's the fourth straight year that the state registered a surplus, he told the legislature's money committees in his annual speech in Richmond.

McDonnell said by the end of 2016, the state's rainy day fund will hit $1 billion.

From what his secretary of finance can determine, the four-year cumulative budget surpluses of $2 billion is the largest ever compiled by one administration, he said.

The $585 million includes $264.3 in revenue surplus and $320.7 million in savings.

Afterwards, the governor declined to answer questions by reporters on developments in the investigation into his dealings and those of his wife to Star Scientific CEO and donor Jonnie Williams Sr.

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Source: Copyright Richmond Times-Dispatch (VA) 2013