Governor Announces $311 Million Revenue Surplus for Fiscal Year 2011

Lynchburg, VA (July 19, 2011) – Governor Bob McDonnell announced today that the Commonwealth is posting an approximate $311 million revenue surplus for Fiscal Year 2011. This is the second straight fiscal year that Virginia has ended the fiscal year with a revenue surplus. The final surplus amount for Fiscal Year 2011 will be released in August, following the addition of final tabulations of savings.

“Government is a balancing act to allocate resources to accomplish its core services. This balancing act, through wise, frugal budgeting, has resulted in a surplus in excess of $311 million for this fiscal year. By assuring an environment that includes a balanced budget, a critical review of government spending, and a continued promotion of the vitality of business growth through job creation, we now have the opportunity to further fund some critical elements of the state budget. These elements include saving against future economic challenges, addressing our federally mandated water quality issues, public safety, and fulfilling our commitment to help Virginia’s retired employees secure their future. I am proud to stand today with Governor McDonnell and my colleagues in the General Assembly as we realize the positive results of our commitment to purpose,” said Delegate Garrett.

Delegate T. Scott Garrett, M.D. represents the 23rd District in the Virginia General Assembly.