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Va. ends the year with unexpected $220 million surplus

Anita Kumar

Gov. Bob McDonnell (R) will announce Wednesday morning that Virginia ended the fiscal year last month with a surplus of about $220 million, exceeding initial expectations by $80 million, his spokesman Tucker Martin said.

The additional money means state employees will receive a 3 percent bonus. Employees have gone without raises since 2006, and the state workforce has seen multiple rounds of layoffs in recent years.

The surplus comes after the revenue forecast was lowered three times as lawmakers struggled with a $2 billion shortfall and adopted a budget that cut millions from education, health care and public safety. State officials say the surplus is a sign that the state's economy is turning around.

McDonnell and his secretary of finance, Ric Brown, have scheduled a news conference later in the morning to officially release the latest numbers.

Collections of individual and corporate income both increased last month over June 2009, according to Martin.

By Anita Kumar  |  July 14, 2010; 10:21 AM ET
Categories:  Anita Kumar , Robert F. McDonnell  
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Comments

Ahhh, see what happens when Republicans are in charge? Now let's fix Fairfax.

Posted by: dtysko | July 14, 2010 2:25 PM | Report abuse

"The surplus comes after the revenue forecast was lowered three times as lawmakers struggled with a $2 billion shortfall and adopted a budget that cut millions from education, health care and public safety."

Let's restore some of those funding cuts.

Posted by: friendship44 | July 14, 2010 2:54 PM | Report abuse

So, let's not educate the kids, put the public at risk, and deny health care. Then reward the state employees for that. Makes sense in a GOP sort of way.

Posted by: jckdoors | July 14, 2010 3:21 PM | Report abuse

Republicans in charge? Va has a 2 year budget cycle. These results are from the last democrat gov. Of course, McDonnell will take credit, like any good weasel politician.

Posted by: VTengineer | July 14, 2010 4:35 PM | Report abuse

See what happens when the adults are in charge?

Posted by: HughJassPhD | July 14, 2010 4:36 PM | Report abuse

This wouldn't have anything to do with Virginia companies being required to remit an "accelerated sales tax" payment by June 25th would it? My company had to pay 95% of our tax liability based on our June 2009 sales tax bill. That came to approximately $170,000. Now add with that every company in Virginia that pays in sales tax... well, there you go! $220M surplus. How bogus!

Posted by: mgp1957 | July 14, 2010 4:41 PM | Report abuse

So, let's not educate the kids, put the public at risk, and deny health care. Then reward the state employees for that. Makes sense in a GOP sort of way.

Posted by: jckdoors | July 14, 2010 3:21 PM | Report abuse

So true, so true. They deserve a raise but not at the expense of education and health care. According to most conservatives you have to buy an education and pay to be healthy, these aren't rights, they're privileges!

Do you know what is a right according to most conservatives? The right to own a gun and drill for oil anywhere regardless of the repercussions, yeah, if that's what you call "Adults" running the show then I vote for an infant.

Posted by: Bigfoot_has_a_posse | July 14, 2010 4:45 PM | Report abuse

HOW MANY STATE WORKERS WERE LAID OFF?
So the Governor decides to give bonuses (not raises) to the remaining state workers, instead of rehiring workers who are unemployed.
Of course, the Governor will claim these fired workers were not really needed. Check with your local VDOT office to see how many folks they lost. Remember, TRANSPORTATION was one of the Governor's campaign issues.
I think he promised to make things better, not worse.

Posted by: LoudounPatriot | July 14, 2010 5:10 PM | Report abuse


GREAT-
LET'S SPEND IT!!!!

Posted by: familynet | July 14, 2010 5:15 PM | Report abuse

The bulk of the $220 Million is used to give raises to people who have Jobs, while the Unemployed suffer and starve.

Cut all State Services by 10% and give Northern Virginia its fair share of Transportation funding. Stop strangling economic develop in Northern Virginia. NV is the economic engine for the state and if you stop road and infrastructure development there, I doubt you can replace those Jobs and Income in Coal country. $2,000 for road improvements over the next five years while Northern Virginia sends Hundreds of Millions to Richmond is more than abusive, its reckless endangerment of the entire state economy.

I love how McDonnell and Cuccinelli complain that “People are Hurting in these Tough Economic Times” while Goose Stepping on the Recently Unemployed, Elderly, Children, Poor, the most vulnerable and people in most Dire need. It’s not the Millionaire Wall Street Bankers and Oil Executives that are Hurting; It’s the Recently Unemployed who are looking for Jobs; The People behind on their Rent and Mortgages, low wage workers who cannot afford to repair their cars, and Mothers with Children who cannot afford child care so they can go to work.

Virginia Workers make Tens of Billions from Federal and Military Contracts. Virginia’s Proximity to the Capital provides over $118 Billion/year that has contributed to Building Hotels and High Tech Industries but McDonnell Refuses to Taxes enough to pay for road and transportation improvements, to help people who are recently unemployed, and to Help Create Non Federal & State Jobs.

Virginia's love-hate relationship with federal spending

http://www.washingtonpost.com/wp-dyn/content/article/2010/05/05/AR2010050505205.html

"We have a rich uncle, I like to remind people -- Uncle Sam," said Stephen Fuller, director of the Center for Regional Analysis at George Mason University. “

Posted by: Airborne82 | July 14, 2010 5:57 PM | Report abuse

Well, for all you nay sayers who are Virginia residents, how about moving to the People's Republic of Maryland...not that far away. They rank 27th on the list of business friendly states and have really, really high taxes, unions, etc. A real workers paradise. Bye, bye. For the rest of us, we'll take the good news and build on it from here. Good riddance to Liberals and Democrats...less than four months until you people are put into a permanent minority...can't wait.

Posted by: dcmowbray1 | July 14, 2010 9:55 PM | Report abuse

put it all back into the rainy day fund

Posted by: BruceFairfax | July 16, 2010 2:47 PM | Report abuse

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