RICHMOND — The Commonwealth of Virginia ended the fiscal year with a $797.7 million revenue surplus, according to final figures provided at Tuesday’s joint meeting of the General Assembly’s money committees. The surplus will allow Virginia to set aside additional resources in our state reserve funds, and means the taxpayer relief passed by the General Assembly in January remains on track. Virginia will have over $1.6 billion, or approximately seven percent of general fund revenue, in its reserve funds at the end of the biennium.
“The strong revenue surplus, increased reserve funding, and taxpayer relief fund rebate checks is a trifecta of good news for taxpayers and our Commonwealth,” said Virginia House of Delegates Speaker Kirk Cox (R-Colonial Heights). “The steady financial leadership from the Republican-led General Assembly is producing positive results for Virginia. We protected our AAA bond rating through the Great Recession, took action to shore up our reserve funds throughout this period of economic expansion, and provided tax relief for hardworking Virginians, all while continuing to invest in top priorities, including a teacher pay raise and a college tuition freeze.”
“We are seeing the results of our steady and conservative budgeting approach,” said House Appropriations Chairman S. Chris Jones (R-Suffolk). “I am proud of the work the House Appropriations Committee, along with our Senate colleagues, have done to get us to this point. However, I am cognizant of the uncertainty on the horizon, and this tells me we need to recommit ourselves to a cautious financial approach that hedges against future economic downturns. A surplus does not mean there is money to spend, so there’s not much to be excited about. It will be business as usual in January.”