(AP, WJLA) — Gov. Bob McDonnell says Virginia ended the last fiscal year with a surplus of nearly $545 million.
In remarks prepared for delivery to Virginia's legislative money committees on Thursday, McDonnell said state agency savings and agency balances resulted in an increase from the previously announced surplus.
"This is the result of bipartisan cooperation here in Richmond," McDonnell says in his remarks. "We have toned down the rhetoric and made the tough decisions through conservative budgeting and fiscal discipline."
Last month, the governor said Virginia ended the year with a $311 million surplus, then later hinted it could be at least $50 million more than that.
McDonnell says $133 million of the surplus will be deposited into the state's rainy day fund.