Gov announces budget surplus, worker bonus

Gov. Bob McDonnell announced this morning that Virginia ended fiscal year 2012 with an extra $448.5 million, through a combination of agency savings and revenue increases.

Revenue increases account for $129.2 million of the surplus money; the rest comes from unspent balances and agency savings.

The total means the state will be able to give state workers a 3 percent pay bonus on Dec. 1. (The governor, lieutenant governor, attorney general and legislature will not get the bonus).

In an annual speech to the House and Senate money committees, McDonnell said most of the extra money is committed, as follows:

Revenue Stabilization Fund: $78.3 million

‘Federal Action Contingency Trust’ Fund (FACT Fund): $30 million

Virginia Water Quality Improvement Fund: $16.9 million

Higher Education and Non-General Fund Accounts: Return $132.3 million

Accelerated Sales Tax to Transportation Trust Fund: $20.9 million

Natural Disaster Reserve: $17.2 million

State Employee Performance Bonus: $77.2 million

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