Bill Thompson
WMAL.com
RICHMOND (WMAL) — Virginia Governor Terry McAuliffe announced this morning in Richmond that the Commonwealth finished the fiscal year with a record $553 million surplus.
The surplus was the largest in the state’s history and will help out state employees. Workers will receive a two percent raise in September, their first increase since 2007.
The numbers are all pointing in the right direction, the governor said. Payroll and non-withholding income tax collections are up, and recordation taxes on real estate sales are also up.
“Solid income tax collections means that our businesses are growing strong, our workforce is innovating and cranking out our great Virginia-made products and our families have the resources they need to enjoy a great quality of life,” McAuliffe said.
However, he cautions that with the federal budget sequester looming in October, the state must still budget prudently.
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