RICHMOND, Va. (WTVR) – State workers are still on track to receive a 3-percent bonus this year. That is because the Governor’s Office announced Monday that Virginia has finished fiscal year 2012 with a $129.2 million revenue surplus.
In a press statement, the Governor’s Office credited the surplus on an increase in tax revenue and a decrease in government spending.
“Virginia continues to demonstrate that conservative fiscal management, a focus on government efficiency, and bi-partisan efforts to bolster our economic development and job creation programs can speed economic recovery in the Commonwealth,” Governor McDonnell said in the press statement.
The Governor’ Office noted this is the third straight fiscal year that Virginia ended with a revenue surplus. Governor McDonnell noted nearly $80 million of the surplus will be directed toward Virginia’s rainy day fund. He added some of the money will go toward funding a 3-percent bonus for state workers.
The Governor said today’s numbers were preliminary and the official saving figures would be released in mid-August.
Governor Bob McDonnell planned to talk about the surplus during an afternoon media availability. Check WTVR.com later today and watch the CBS 6 News for updates.