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.
smoke & mirrors - Republican Style:
ReplyDelete" But the two-year state budget also includes an IOU for about $620 million in contributions toward state employee and teacher pension plans that weren't made in order to put the $70 billion spending plan into balance. The commitment to repay the money with interest, beginning in 2013, isn't binding on future legislatures, "
http://www2.timesdispatch.com/news/2010/jul/04/vrss04-ar-263788/
Hmmm. Good point, Larry.
ReplyDeleteIf we have a $220 million surplus, doesn't that mean that your beloved governor cut too many services and collected too much in taxes? Governments aren't supposed to make profits, are they?
ReplyDeleteAnon, I'll take a surplus any day. Yeah, it would be great if taxes were $220 million less so it balances exactly, but in this economic climate it's close enough for me.
ReplyDeleteAnonymous - Do you notice the size of Virginia's budget? Relative to 70 or 80 billion dollars, $220 million in the black is not much of a profit, but the fact they did not go into the red -- at least technically -- is remarkable.
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