Governor Says Virginia Is In A ‘Good Place’ Financially

RICHMOND, Va. – Gov. Ralph Northam has told state lawmakers that Virginia is starting the new budget cycle “in a good place.”

In a speech to the General Assembly’s money committees Tuesday, Northam said the state ended the fiscal year with a surplus of $797 million. Much of that money is already earmarked for water quality and taxpayer relief.

Northam said the state put $344.4 million into reserves, bringing the total reserve fund to $1.6 billion by 2021, the highest amount ever.

The Richmond Times-Dispatch reports that the governor warned lawmakers that despite the state’s strong financial position now, it doesn’t mean they will have a large surplus to spend in the budget he will propose in December. He said the state must be “both cautious and strategic.”

Copyright 2019 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. PHOTO AP

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