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By: Olympia Meola
Published: July 29, 2010 10:48 AM
The state’s budget surplus, to be announced next month, will likely exceed a previous estimate of $220 million, Gov. Bob McDonnell said this morning.
“The delta between the savings plus the revenues being ahead of forecast is going to be well over, we think, $220 million,” he said on his monthly appearance on WRVA.
He also defended his decision to steer more than $80 million of that June 30 surplus into a three-percent bonus for state employees rather than pay down debt.
“It’s called a bonus but really I’d call it a cost of living adjustment for state employees that haven’t received a raise in three years,” McDonnell said. “I think a small three percent incentive pay or cost of living adjustment or bonus, whatever you want to call it, is appropriate for our employees who have done a good job.”
The final results on the surplus will be available mid-August.
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