Press Release

Statement of Lieutenant Governor Bolling on State Budget Surplus

Lieutenant Governor attributes budget surplus to strong, conservative fiscal leadership and thanks state employees for helping save $170M

Ibbie Hedrick
804-225-2487
ibbie.hedrick@ltgov.virginia.gov

Thursday, August 18, 2011

Richmond - Lieutenant Governor Bill Bolling today issued the following statement regarding the Commonwealth of Virginia's surplus of over half a billion dollars for FY 2011:

"Earlier this morning, Governor McDonnell announced that the Commonwealth of Virginia had ended the most recent fiscal year with a budget surplus of $545M. This is good news for Virginia and the second straight year that we have produced a budget surplus. To go from a $6B budget shortfall in 2010 to more than $900M in budget surpluses over the past two years is a remarkable accomplishment.

"These surpluses have come about because we have based our budgets on realistic revenue projections, we have focused on growing our economy and we have emphasized the need to save money whenever and wherever possible. This is the type of conservative fiscal stewardship the people of Virginia expect and it stands in stark contrast to the fiscal irresponsibility in Washington.

"While we are pleased with these results, we know that we will continue to face many fiscal challenges in the years to come, and we will remain focused on providing conservative financial leadership that focuses on fiscal restraint and economic growth. Even though our economy is doing better than most states, these continue to be uncertain economic times and we must be vigilant in our efforts to control state spending and direct the resources we have to our highest priorities.

"I also want to thank our state employees, who worked hard to help us save $170M in the final months of the 2011 fiscal year. Virginia is blessed to have a very knowledgeable and dedicated state workforce and we could not have achieved these positive results without their help.

"Additionally, I look forward to continuing my focus on helping grow Virginia's economy and leading the Administration's efforts to examine the best ways to strengthen and diversify economic activity in Virginia in the face of potential federal procurement and defense contractions. This will be an important part of our long-term efforts to keep the economies of Northern Virginia, Hampton Roads and the entire Commonwealth strong. I am confident that we will be able to enact some aggressive strategies to support these critical regions of our state in the face of declining federal expenditures."

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For additional information contact Ibbie Hedrick at 804-225-2487 or ibbie.hedrick@ltgov.virginia.gov.