Today's Washington Examiner posted a story stating that Governor Bob McDonnell of Virginia is reporting a budget surplus for his state rather than the predicted deficit.
According to the article:
"McDonnell estimated that the surplus for the fiscal year that ended June 30 will be at least $220 million after miscellaneous interest payments are made. The final figure will be made official in August after year-end adjustments."
In January it was reported that the Commonwealth of Virginia was facing a $1.8 billion budget deficit for the fiscal year, which ended June 30th. The Commonwealth ended the year with a $220 million surplus.
Please follow the link above to read the article, which details the steps taken to turn a deficit into a surplus. The article makes clear that there are still financial challenges ahead for Virginia, but this was a major step forward. I wonder if Governor McDonnell is willing to help the Obama Administration with its budget problems.
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