Virginia finished the last fiscal year in the black, but fiscal challenges loom on the horizon.
Virginia finished its last fiscal year with a budget surplus of $585 million, the result of conservative revenue forecasting and a state workforce savvy about doing more with less.
Gov. Bob McDonnell reported the good news Monday to the General Assembly’s money committees, the fourth consecutive year that he has been able to boast of a year-end surplus. For three consecutive years, general fund revenue growth has exceeded 5 percent. McDonnell cited that growth as “concrete evidence” that Virginia’s economy is bouncing back from the Great Recession.