August 19, 2010
Gov. Bob McDonnell says most of the state's unexpected $404 million surplus has already been spoken for.
In an address to state lawmakers Thursday, McDonnell says a lot
of the surplus will go toward covering a pay bonus to 117,000 state workers, the Water Quality Improvement Fund and transportation.
Those obligations will account for $150 million.
McDonnell says he would like to reserve as much of the remaining balance for transportation efforts and to repay millions of dollars the Generally Assembly took from the state's retirement system to prop up the current state budget.
The surplus for the fiscal year that ended June 30 was far larger than the $220 million McDonnell originally projected. Of that, $174 million came from state agency savings.
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