Virginia Senate Republican Caucus

Money in the Bank

Wed, 2011-07-20 20:00 -- Mike

Earlier today, the Commonwealth released the final revenue report for the 2011 fiscal year. Just as we showed last year, our revenues outpaced our forecast, giving us a $311 million surplus. Combined with the 2010 fiscal year, the Commonwealth received over $530 million in additional funds during the current biennium and this number will likely increase.

In 2010, the revenue surplus was $228 million and the final surplus was $402 million, a huge increase thanks to operational efficiencies and spending controls. 2011 will likely be the same. Additional money is always better than less, however, much of the spending is already dictated by the Virginia Constitution and the appropriations act. Below are a few highlights: 

  • $146.6 million - Rainy Day Fund
  • $32.2 million - Water Quality Fund
  • $23 million - Transportation's share of the Accelerated Sales Tax
  • $8.9 million - Interest on Unemployment Compensation Trust Due to Federal Government
  • $7.5 million - Oceana BRAC obligations
  • $7.4 million - Supplemental Public Safety Funding for Sheriff's Offices

The most significant allocation locally is the confirmation that the state will appropriate its half of the $15 BRAC Encroachment Fund. The hard work of educating our colleagues on the importance of our commitment to the Navy is no longer just an assurance; it has come to fruition. 

We must continue this program, as promised, so the Navy knows Virginia has a serious commitment to protecting our military assets.

Although we are not out of this recession yet, Washington should sit-up, and take notice of states, like ours, that are finding responsible ways to manage our finances.