Virginia Experiences Fourth Consecutive Budget Surplus

-- Financial Literacy Report Card Gives Virginia Students Top Marks--

Central Virginia - As a member of the House Appropriation Committee, Delegate Christopher K. Peace (R-Hanover) was delighted to receive Governor McDonnell's news of Virginia's fourth consecutive budget surplus.  The FY 2013 surplus-the largest since 2005-totaled $585 million, contributing to a total surplus of almost $2 billion in the last four years.  In his remarks, Governor McDonnell acknowledged the critical role of Virginia's General Assembly, particularly the budget committee members, in achieving fiscal responsibility in state government.

Speaking about the surpluses, Delegate Peace said, "I am highly pleased with Virginia's fiscal position.  State government, like families throughout the Commonwealth, has had to make tough financial decisions.  These tough decisions have restored our financial footing and put us on the right track for an economic recovery that creates jobs and promotes homeownership."

In keeping with the fiscally prudent measures practiced by the Commonwealth, the General Assembly and the Department of Education developed a course school divisions may use to provide required instruction and content to teach financial literacy in high schools.  Virginia was one of only six states to achieve a top grade on the National Report Card on State Efforts to Improve Financial Literacy in High Schools, published by Champlain College's Center for Financial Literacy. Virginia received praise in this report for efforts by the Virginia General Assembly and the Governor to promote financial literacy through a stand-alone financial literacy course as part of the requirements for a Standard or Advanced Studies Diploma.

The curriculum was developed by the Virginia Department of Education alongside Virginia 529 and the Virginia Bankers Association Education Foundation.  Training for educators was provided at no cost because of private sector support for the initiative.

Delegate Christopher K. Peace (R-Hanover), speaking about the report card, said, "I am proud of the many Virginians who have worked hard to achieve this high level of financial literacy in the Commonwealth.  Financial literacy is vital to creating economic prosperity, and I am glad we have found a cost-effective way to achieve this worthwhile goal."

He added, "Lessons learned in the classroom will translate into much needed skills at home and in the workplace."