Virginia reports record budget surplus
RICHMOND, Va. (WDBJ) - Virginia is reporting a record budget surplus topping $2.5 billion.
Governor Ralph Northam delivered the news during a meeting of the General Assembly money committees Wednesday morning.
A year ago, lawmakers revised the budget as the pandemic unfolded, but by the fall Northam said the state’s financial picture was improving.
“We expected $1.2 billion in additional revenue. And that was good news at the time,” Northam told lawmakers. “What’s even better news, however, is that we more than doubled that.”
Northam said all major sources of revenue exceeded forecasts, and the state is on track to have almost 15% of the general fund budget in reserves by the time he leaves office.
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