McDonnell's surplus that isn't
Miracle of miracles, Virginia has a budget surplus just three months after the walls of the capital building seemed to be crumbling for lack of funds.
Apparently we'll learn about how Gov. Bob McDonnell's leadership saved the day, when the governor announces budget updates today.
He's right, if by "surplus" you mean money that was supposed to go to into the pension fund and funds originally intended to provide 3 percent bonuses for state employees for the first time since 2006.
As McDonnell applauds the "extra" money, the retirement cushion for state employees is nearly $1 billion thinner. The state deferred payments of $137 million from the fourth quarter of fiscal 2010 and $620 million from the 2010-12 biennium budget. It also lightened the payment burden on localities by some $200 million.
As McDonnell toots his horn, the message seems to be: Why do today what you can put off until tomorrow?
Paige Winfield Cunningham is an investigative reporter and managing editor at Old Dominion Watchdog. The Local Blog Network is a group of bloggers from around the D.C. region who have agreed to make regular contributions to All Opinions Are Local.
Paige Winfield Cunningham
| July 14, 2010; 1:30 PM ET
Categories: HotTopic, Local blog network, Va. Politics, Virginia, economy, taxes
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