Stephen Haner at the Thomas Jefferson Institute reported today that most of Virginia’s $3.2 Billion state surplus has already been spent.
Here is an excerpt from the column:
“Governor Youngkin also revealed, and not all governors mention this, that another $1.2 billion allocated to the various agencies of government had not been spent by June 30. He added it to the unexpected revenue. From his prepared remarks on August 19:
But I am incredibly proud to share – and hope Virginians will be proud to hear – that our state government spent roughly $1.2 billion less than was appropriated by the General Assembly. And the combination of the roughly $2 billion in unplanned revenue and the $1.2 billion dollars of unspent appropriations resulted in a $3.2 billion dollar cash surplus at year end.
He then went on to explain, for those listening closely, that most of the surplus was already appropriated before he ever got to that podium.”