The state of Virginia is expecting a half-billion-dollar budget surplus by the end of June, blunting the impact of the COVID-19 pandemic on the economy, and officials are awaiting a $4.3 billion federal deposit in the state’s coffers any day.
Secretary of Finance Aubrey Layne told legislators on Monday that he expects state revenues to exceed expenses by more than $500 million in the fiscal year that ends June 30, the Richmond Times Dispatch reported.
Layne also expects Virginia to receive its share of federal aid from the American Rescue Plan Act in one lump sum soon, leading to a special legislative session that will determine how to spend it. That federal money doesn’t include $6.6 billion that the federal government is sending to the state for specific categories of programs, such as support for K-12 schools and higher education, child care, transportation and public health.
