Virginia Posts Record Breaking Surplus

Large Segment of the $2.6 Billion To Go To "Rainy Day"
State Capitol
State Capitol Photo credit Matt Demlein, WRVA

Richmond, Va. (Newsradiowrva.com) - The Northam Administration has announced Virginia posted a record $2.6 billion surplus for the fiscal year that ended July 1. The total does not take into account federal Covid funds sent to Virginia, although State Finance Secretary Joe Flores says federal stimulus payments like had an impact in terms of increased salex tax revenue.

The General Assembly will determine how to allocate the suprlus in winter 2022, during the regular General Assembly session. Large segments, by law, are required to go to the Rainy Day Fund and water quality.

The General Assembly is scheduled to meet next month to allocate dollars, but that is for federal Covid relief.