Commonwealth Ends Fiscal Year with Surplus
Governor McDonnell has announced a $585-million surplus for the state fiscal year that ended in June.
The General Assembly’s money committees greeted him with warm applause before he outlined the condition of the Commonwealth’s budget outlook.
The Governor shared the credit and thanked lawmakers of both parties for work that’s resulted in surpluses during a tough economy.
“The total surpluses just on the revenue side of the equation constitutes the first time since the Allen administration that an administration has actually obtained a revenue surplus at the end of all four of its fiscal years in office.”
McDonnell’s new budget will include extra funds for water quality, Medicaid waivers, education, higher ed, and pension system reforms. And he said a 54% transportation funding increase will put people to work.
“Chmura Economics found that the bill, Mr. Speaker, will annually sustain 13,058 jobs and have a $9.5-billion economic impact.”
The positive news stood in contrast to his own woes amidst Washington Post reports that his attorneys were meeting with federal prosecutors about the Star Scientific CEO gifts investigation. Reporters invited him to comment.
“I want to talk about the good news of the Commonwealth. You know, this is a great day for the people of Virginia. We’re in better fiscal shape than most people in the country.”
The Post reports that prosecutors plan to make a decision on potential charges soon.