Virginia runs biggest surplus in eight years-governor
WASHINGTON Aug 19 (Reuters) - Virginia closed fiscal 2013 this summer with a surplus of $585 million, the largest since 2005 and the fourth in a row, Governor Robert McDonnell said on Monday.
He touted the consistent surpluses of the four years of his administration, putting the cumulative total at nearly $2 billion. Leaving office after the November election because of term limits, McDonnell is currently trying to restore a political reputation hurt by a gift-giving scandal. .
The surplus for fiscal 2013, which ended June 30, came from revenue that exceeded forecasts by $264.3 million, and $320.7 million in balances, savings and unspent funds, he said.
McDonnell, a Republican with national political ambitions, also he had kept spending low during his tenure while depositing money in a rainy day fund. On average, general fund spending grew one-tenth of 1 percent per year.
"The bottom line is that, during this administration, we have worked closely with you to firmly hold the line on state spending and focus on economic growth," McDonnell said in a statement.
The surplus for fiscal 2012 was $448.5 billion.
Because of its proximity to the nation's capital, Virginia weathered the 2007-09 recession better than many other states and has enjoyed a strong recovery.
Nonetheless, the state encountered a few budgetary bumps in fiscal 2013. In March it had the biggest revenue drop in almost two and a half years.
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