Free Lance-Star reporter Chelyen Davis covers Virginia government.
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