Virginia Ends Fiscal Year '13 With Another Surplus - 47 ABC - Delmarva's Choice

Virginia Ends Fiscal Year '13 With Another Surplus

Posted: Updated:

RICHMOND, Va. - For the fourth consecutive year, Virginia government has ended a budget year in the black, and this time it means state employees get their first pay raise in six years.
    
Gov. Bob McDonnell's administration announced the $262 million general revenue surplus on Friday. But its final size won't be known until August when unspent agency balances and other cost-control measures are added in.
    
Employees received one-time bonuses last year and in 2010. This year's raise becomes the first permanent increase in base salaries for state government personnel since 2007, before two years of revenue declines tied to the worst economy since the Great Depression.
    
Total general revenue collections increased 5.3 percent, easily beating 3.6 percent growth forecast on which budgeted fiscal year 2013 spending was based.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • ContestsMore>>

  • Spring Gas Giveaway

    Spring Gas Giveaway

    Let WMDT fill up your tank! It's time for our Spring Gas Giveaway! More >>
    Enter for your chance to win a $100 Exxon/Mobil Gas Card!More >>
  • Teacher Who Makes A Difference

    Teacher Who Makes A Difference

    The WMDT 47 Teachers Who Make a Difference Contest is Sponsored by Accurate Optical: "Encouraging children of all ages to come in for an annual eye exam to help them see better in school." Each month weMore >>
    The WMDT 47 "Teachers Who Make a Difference" Sponsored by Accurate Optical Encouraging children of all ages to come in for an annual eye exam to help them see better in school.More >>
Powered by WorldNow
Powered by WorldNow All content © Copyright 2000 - 2014 WorldNow and WMDT. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.