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Posted at 1:05 PM ET, 08/17/2010

Report: Va. surplus nearly $404 million

By Washington Post editors

UPDATE:

Gov. Robert F. McDonnell (R) will announce Thursday that Virginia's 2010 budget surplus will be about $400 million, almost twice the previous estimate, the Virginia Politics blog reports.

About $229 million comes from tax collections. The remainder comes from unspent balances.

Robert Vaughn, staff director for the House Appropriations Committee, said McDonnell also will announce how the money will be spent, including $82.3 million for a three percent raise for state employees, $20 million for education and $35 - $40 million each to transportation and water quality improvement.

Check out the Virginia Politics blog for more details.

12:20 p.m.

An aide to Virginia Gov. Robert F. McDonnell (R) says that the state's budget surplus is nearly $404 million, almost double prior estimate, the Associated Press reports.

By Washington Post editors  | August 17, 2010; 1:05 PM ET
 
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