Bonus Time in Virginia

State ended last budget with $220 million surplus

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    NEWSLETTERS

    TK
    Shutterstock

    It's bonus time for Virginia state workers.

    Virginia government ended its latest budget year with a bigger surplus than it expected, which means state government workers will get a bonus in September -- the first pay boost in years for most.

    State officials will announce Wednesday that the battered budget for fiscal year 2010 will leave an unspent balance of about $220 million.

    Just a month ago, Gov. Bob McDonnell's administration had projected a surplus of only $140 million.

    But better-than-forecast income tax collections and corporate tax receipts in June -- the final month of the budget -- provided an even larger cushion.

    In January, officials were trying to reconcile nearly $4 billion in revenue shortfalls and made drastic cuts to state spending.