Va. ends year with budget surplus, McDonnell confirms
Virginia Gov. Bob McDonnell (R) confirmed in a radio interview Tuesday morning that the state concluded the fiscal year with a budget surplus. He told WNIS listeners in Norfolk on his monthly radio appearance that his administration would announce budget numbers tomorrow, echoing comments made last week to fellow governors during the annual meeting of the National Governors Association.
His administration has been predicting since June that year-end numbers would show that the state had returned to profitability for the year. Still, the official numbers will be comforting for officials that have spent the last year making deep cuts in the state budget to close shortfalls. "We've been able to turn it around in short order," McDonnell said during the radio program. "The good news is we've started to see a ray of sunshine. We've started to turn things around."
Granted, Virginia has some tight rules around balanced budgets, but, at least this year, it didn't involve massive tax hikes or other great gnashing of teeth.
Take that, California.