(Matt Demlein, WRVA)

Virginia Has $778 Million Surplus

Fiscal Year Ended June 30th

July 11, 2019 - 4:04 pm

Richmond, Va. (Newsradiowrva.com) - The Northam Administration has announced Virginia ended fiscal year 2019 with a $778 million surplus.  The State Constitution, the budget, and state law already dictate where much of the money will go, including one-time payments to taxpayers (of either $110 or $220).

The budget assumed growth of 3.3%, and growth actually more than doubled that amount.  Withholdings and sales tax actually finished below expectations, but refunds sent out were also below expectations as well.  

The Governor has an address in front of the money committees of the General Assembly next month.