Virginia ends fiscal year with a surplus again! (Richmond, Williamsburg: unemployment, transfer)

[elias9193]

In these bleak economic times how does Virginia have a State budget surplus for a third year in a roll with out hiking taxes like our friends across the Potomac and MD still has budget issues!


Just how big a surplus we can’t say, but Gov. Robert F. McDonnell (R) let it be known Friday that the state was in the black for the fiscal year that ended June 30.

McDonnell shared news of the surplus at the National Governors Association meeting in Williamsburg, my colleague Anita Kumar reports. But he did not provide details.

Last year in August, McDonnell announced that the state had finished the previous fiscal year with a surplus of $544.8 million.

[saganista]

Last year, McDonnell "borrowed" several hundred million dollars from the public employee pension fund in order to claim a surplus, and also counted millions borrowed to cover obligations incurred by the state's exhausted unemployment fund. Who knows what sorts of phony accounting he will have turned to this year...

[elias9193]

Originally Posted by saganista

Last year, McDonnell "borrowed" several hundred million dollars from the public employee pension fund in order to claim a surplus, and also counted millions borrowed to cover obligations incurred by the state's exhausted unemployment fund. Who knows what sorts of phony accounting he will have turned to this year...

You have any links to substantiate your allegations?

[Jayess1]

No, sad doesn't.
Note that VA runs on a biennial budget, and here's the entire list of transfers:

http://dpb.virginia.gov/budget/buddo...stransfers.pdf

Note that interfund transfers are lower this time around...

[elias9193]

Originally Posted by Jayess1

No, sad doesn't.
Note that VA runs on a biennial budget, and here's the entire list of transfers:

http://dpb.virginia.gov/budget/buddo...stransfers.pdf

Note that interfund transfers are lower this time around...

Thank you this is very informative.

[CAVA1990]

Isn't it mainly due to the explosion of Federal government contracting work from the Bush years that pumped up revenues relative to the increased cost of Medicaid that's sapped other states' budgets?

[saganista]

Originally Posted by elias9193

You have any links to substantiate your allegations?

Originally Posted by Jayess1

No, sad doesn't. Note that VA runs on a biennial budget, and here's the entire list of transfers:
http://dpb.virginia.gov/budget/buddo...stransfers.pdf
Note that interfund transfers are lower this time around...

Still not paying any attention and not willing to listen to those who do. THAT'S sad...

Wall Street Journal

Richmond Times Dispatch

Washington Post

[midwesterneratheart]

By not being a friend to the state employees who are professionals living in substandard housing living paycheck to paycheck. That certainly helps.

[CAVA1990]

Originally Posted by midwesterneratheart

By not being a friend to the state employees who are professionals living in substandard housing living paycheck to paycheck. That certainly helps.

Nobody's forcing them to work there.

[Jayess1]

Originally Posted by saganista

Still not paying any attention and not willing to listen to those who do. THAT'S sad...

Wall Street Journal

Richmond Times Dispatch

Washington Post

Ah, so listening to the actual budgets presented by even the previous Governor is somehow in dispute? You're right - that's sad. Shame you don't want to believe Gov. Kaine. Is that perhaps due to his political affiliation?

Originally Posted by CAVA1990

Isn't it mainly due to the explosion of Federal government contracting work from the Bush years that pumped up revenues relative to the increased cost of Medicaid that's sapped other states' budgets?

Not at all. It's due to the simple expedient of more income & less expenditures, dating back thru the previous adminstration. + to VA budget processes.