State Budget Surplus and the Economy

STATE BUDGET

The Commonwealth of Virginia ended the fiscal year with a $ 797.7 million revenue surplus. The surplus will allow Virginia to set aside additional resources in our state reserve funds and means the taxpayer relief passed by the General Assembly in January remains on track. Virginia will have over $1.6 billion, or approximately seven percent of general fund revenue, in its reserve funds at the end of the biennium.

The revenue surplus allowed the taxpayer relief fund rebate checks to be mailed out to Virginia taxpayers.

UNEMPLOYMENT RATE CONTINUES TO DECLINE

It was announced a few weeks ago that Virginia’s seasonally adjusted unemployment rate decreased 0.1 percentage point to 2.8 percent.  The labor force expanded for the fourteenth consecutive month to set a new record high and the number of unemployed decreased. Virginia’s seasonally adjusted unemployment rate continues to be below the national rate, which was 3.7 percent.  Virginia’s positive business climate and ranking is no doubt a factor in this decline.

VIRGINIA TOPS FOR STUDENT SAT SCORES

Virginia students scored better on the Scholastic Aptitude Test (SAT) than any other state this year.  Virginia students who graduated in the Class of 2019 had an average score of 1119, compared with a 1059 average nationwide, according to the College Board that administers the college readiness exam.  The SAT is taken by high school students wishing to enter college and is often used as a factor in admissions at many colleges.