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Virginia Ends Fiscal Year with $585M Surplus

August 19, 2013

Virginia is ending the fiscal year with a surplus of $585 million, the largest in eight years.

Officials say about $264 million of that came from greater-than-expected tax collections.

Unspent cash in government accounts and cost-cutting measures accounted for $320.7 million of the final surplus for the budget year that ended June 30.

Governor Bob McDonnell has announced that $320 million of it will be added into the revenue surplus fund.

"This joint achievement I think is remarkable when one considers the difficult and uncertain economic times that we have shepherded the state through as we have worked together on the budget," said McDonnell.

The Commonwealth's emergency reserve fund is now at nearly $1 billion after this deposit.

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