Virginia’s Emergency Fund is nearly $1 Billion

Emergency FundVirginia government ended its last fiscal year with a surplus of nearly $600 million, the largest in eight years. A little less than half of that – $264 million came from greater-than-expected tax collections. Gov. Bob McDonnell announced Monday that there were $320 million in savings added to the revenue surplus. That allows for a deposit into the state emergency reserve fund that will boost it to nearly $1 billion. That’s its highest level in six years.