The Commonwealth of Virginia ended the fiscal year with a $797.7 million revenue surplus, according to final figures provided at the Aug. 20 joint meeting of the General Assembly’s money committees.
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 surplus will allow Virginia to set aside $431 million in our state reserve funds to fund rebate checks.
This surplus means that Virginia taxpayers will either get a $110 (single) or $220 (married) rebate check as planned.
Rebate checks are scheduled to be sent between Sept. 15 and Oct. 15.
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