Statement of Speaker Kirk Cox on 2018 revenue surplus

July 12, 2018

Virginia House of Delegates Speaker Kirk Cox released the following statement Thursday on the FY 2018 revenue surplus, which early figures show is approximately $551.9 million.

“Virginia ended the fiscal year with a revenue surplus of over $500 million thanks in large part to responsible budgeting and strong economic growth spurred by Republican policies at the state and national level. The budget we passed this year captures almost all of this surplus for our short and long-term reserve funds to protect our AAA bond rating.

“Federal tax cuts passed by Congress and signed by the President, a resurgence in defense spending, and the Republican-led General Assembly’s pro-business policies are leading to strong economic growth in the Commonwealth. This is leading to higher wages and additional payroll withholding that are the main drivers of the revenue growth.

“The budget adopted by the General Assembly this year directs this surplus to our short and long-term reserve funds, a prudent step that will safeguard our AAA bond rating. Republicans in the House of Delegates will continue to promote a conservative approach to the state budget, and strong, pro-growth policies that got us here today.”