Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Record $553 million budget surplus means 2 percent raise for state workers
Record $553 million budget surplus means 2 percent raise for state workersPosted: Monday, July 13, 2015 9:48 am
By MICHAEL MARTZ Richmond Times-Dispatch
Almost a year after revising Virginia’s budget forecast downward to project a $2.4 billion shortfall, Gov. Terry McAuliffe today will announce a record revenue surplus for the fiscal year that ended June 30, according to sources in the administration and General Assembly.
The $553 million surplus is the largest on record, surpassing a surplus of almost $545 million 10 years ago, sources said. However, 96 percent of the surplus — about $533 million — will be deposited in the revenue stabilization, or “rainy day,” fund, as well as the Virginia Water Quality Fund, as required by the state law.
The surplus also means that state employees — including higher education faculty, judges, and state-supported local constitutional officers — will receive a 2 percent raise in their paychecks on Sept. 1. The state also will provide its share of a 1.5 percent raise for teachers.
McAuliffe will announce the surplus at a news conference today with General Assembly budget officials, with whom he has worked closely since revenues dropped off sharply in May 2014. The state faced a $439 million shortfall in that fiscal year, triggering a revenue re-forecast that lowered expectations for income tax collections.
By MICHAEL MARTZ Richmond Times-Dispatch
Almost a year after revising Virginia’s budget forecast downward to project a $2.4 billion shortfall, Gov. Terry McAuliffe today will announce a record revenue surplus for the fiscal year that ended June 30, according to sources in the administration and General Assembly.
The $553 million surplus is the largest on record, surpassing a surplus of almost $545 million 10 years ago, sources said. However, 96 percent of the surplus — about $533 million — will be deposited in the revenue stabilization, or “rainy day,” fund, as well as the Virginia Water Quality Fund, as required by the state law.
The surplus also means that state employees — including higher education faculty, judges, and state-supported local constitutional officers — will receive a 2 percent raise in their paychecks on Sept. 1. The state also will provide its share of a 1.5 percent raise for teachers.
McAuliffe will announce the surplus at a news conference today with General Assembly budget officials, with whom he has worked closely since revenues dropped off sharply in May 2014. The state faced a $439 million shortfall in that fiscal year, triggering a revenue re-forecast that lowered expectations for income tax collections.
