Virginia’s projected surplus could approach $2 billion

Published: Jun. 23, 2021 at 6:59 PM EDT
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RICHMOND, Va. (WDBJ) - Virginia’s financial picture continues to improve, and the expected budget surplus from the current fiscal year continues to grow.

Wednesday morning, Virginia’s Secretary of Finance said state revenues are running well ahead of projections. At the end of May, Aubrey Layne said state revenues were about $3.3 billion ahead of the prior year.

“I don’t think anybody back in March of 2020, if I had stood up in front of you and said that was going to be the case, Mr. Chairman you would have asked me to leave well before now,” Layne said, “because I don’t think anybody anticipated that. But that’s what’s happened.”

Layne told members of the House Appropriations Committee the budget surplus could approach $2 billion.

State law requires about half of the surplus to go toward Virginia’s Rainy Day Fund.

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