Statement of Lieutenant Governor Bolling on Governor McDonnell's Address to General Assembly Joint Money Committee

RICHMOND – Lieutenant Governor Bill Bolling issued the following statement in response to Governor McDonnell’s address to the General Assembly Joint Money Committee this morning: “I am pleased that Virginia has enjoyed significant budget surpluses during all three years of the McDonnell/Bolling administration. This is a dramatic turnaround in just 2½ years. By focusing on fiscal restraint and economic growth, we have been able to restore the financial foundation of our state and chart a positive course for Virginia’s future.

“This year we enjoyed a $129.2 million revenue surplus, and today we announced $187.0 million in state agency savings and agency balances, and $132.3 million in higher education and other unexpended non-general funds for the 2012 fiscal year. This produces a total budget surplus of $448.5 million for the year, and brings the overall budget surpluses produced during our administration to nearly $1.4 billion.

“As a result, we are able to give a one-time 3 percent bonus to state employees. Virginia is fortunate to have a dedicated state workforce and they deserve this bonus in recognition of the service they provide to the citizens of our state.

“Moving forward, we must continue to be conservative with our budgeting and spending decisions. Continued fiscal discipline and a vigilant focus on creating jobs and growing our economy will ensure that the Commonwealth continues this trend of positive economic news in the years to come.”