|Virginia Governor Bob McDonnell (Courtesy Photo)|
Source Alexandria News
RICHMOND – Governor Bob McDonnell announced today during his annual remarks to the annual meeting of the General Assembly Joint Money Committees that Virginia has posted a total revenue and savings surplus of $448.5 million dollars for FY 2012. The surplus follows the Commonwealth's $544.8 million surplus in FY 2011 and $403.3 million surplus for FY 2010. The total FY 2012 surplus consists of the previously announced revenue surplus of $129.2 million along with $187.0 million in state agency savings and agency balances, and $132.3 million in higher education and other unexpectedness non-general funds.
Speaking about the surpluses, the governor remarked, "This is the third time that I have appeared before you to review the year-end financial position of the Commonwealth. In these three years, I have now announced revenue surpluses and budget savings totaling nearly $1.4 billion. That’s not bad for any state in this economy
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