State Ends Fiscal Year with Another Surplus

July 12, 2013

For the fourth consecutive year, the Commonwealth has ended a budget year in the black, and this time it means state employees get their first pay raise in six years.

Governor Bob McDonnell's administration announced the $262 million general revenue surplus on Friday.

State employees had received one-time bonuses last year and in 2010. This year's raise becomes the first permanent increase in base salaries for state government personnel since 2007.

Total general revenue collections increased 5.3-percent, beating the 3.6-percent growth forecast on which budgeted fiscal year 2013 spending was based.

The final size of the surplus won't be known until August when unspent agency balances and other cost-control measures are added in.

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