McAuliffe: Virginia's Economy Is 'Back' - NBC4 Washington
First Read
Your first stop for politics in D.C., Maryland and Virginia

McAuliffe: Virginia's Economy Is 'Back'

    Winter Olympics PyeongChang 2018 Medal Count
    Country
    Total
    1
    Norway
    13141037
    2
    Canada
    108927
    3
    Germany
    137626
    processing...

    NEWSLETTERS

    Mother of Five Scared Straight After Heart Attack in her 40s
    Getty Images
    Virginia Gov. Terry McAuliffe (File Photo by Drew Angerer/Getty Images)

    Virginia Gov. Terry McAuliffe is touting higher-than-expected state tax revenues as a sign that Virginia's economy has recovered from the Great Recession.

    The state's revenues were $553 million more than projected for the last fiscal year that ended in June, McAuliffe said at a news conference Monday. The revenue numbers are an all-time high for the commonwealth, he said.

    The extra revenues, mostly due to income tax collections, will be set aside in the state's rainy day fund. The extra money means the state will be able to go ahead with pre-approved raises of 2 percent for state workers.

    McAuliffe said that while Virginia's economy is “back,” he's still concerned about what effects federal defense spending cuts may have on Virginia's financial health.