Virginia posts another bipartisan, conservative surplus Credit: Calvin Gray

Virginia posts another bipartisan, conservative surplus Credit: Calvin Gray         Bob McDonnell is the 71st governor of Virginia. By BOB MCDONNELL Published: July 24, 2011 » 5 Comments | Post a Comment There's much more separating Richmond and Washington than just 100 miles of interstate. While Washington bogs down in financial chaos and a refusal to make the difficult decisions necessary for the federal government to live within its means, here in the commonwealth, for the second straight year, we've reached the end of another fiscal calendar in the black. I was fortunate this week to be able to announce that Virginia ended Fiscal Year (FY) 2011 with an approximately $311 million surplus from general revenue collections and transfers. It's our second straight surplus, and it will soon grow in size when we add in budget savings from our cost-cutting measures. The great challenges of our time are getting our economy back on track, increasing our global economic competitiveness, putting our people back to work and getting our fiscal houses in order at the local, state and federal levels. For too long, elected officials from both parties have overpromised, overspent and increased the national debt, and the result is the embarrassing fiscal crisis we see unfolding in Washington. Here in Richmond, we are committed to implementing a culture of fiscal responsibility and restraint in our state government. That commitment is producing results. * * * * * Many factors have led to this revenue surplus. Working together, Republicans and Democrats in the legislature worked with me to make some very tough choices. We have reduced spending to just below 2007 levels. We have not raised taxes. We have focused government on its core functions, while at the same time making smart, targeted investments in job-creating programs in the areas of economic development, transportation and higher education. Those policies and investments, along with our strong Right to Work law, top-ranked pro-business environment and commitment to keeping litigation and regulation to a minimum, have continued to make Virginia more attractive to job-creating businesses. Virginians are getting back to work. Our unemployment rate has now fallen to 6 percent, which is tied for seventh-lowest in the country and the third-lowest rate east of the Mississippi. As Virginians work and start spending their income again to buy the things they need, it translates into increases in incoming revenues to the commonwealth. Revenue grew 5.8 percent in Fiscal Year 2011, versus a projection of 3.5 percent, the first time since 2008 that revenues grew over the prior year. Clearly, the bipartisan effort in Richmond to rein in spending and rev up the private sector is producing positive results. * * * * * Virginia leaders are making conservative revenue growth estimates based upon advice from the best public- and private-sector leaders, and we have continued to make difficult decisions to balance our budget. We are cutting spending on government programs that we cannot afford or that don't work. We are making government smaller and focusing on its core functions — and being responsible about the decisions we make as our country emerges from one of the most difficult economic periods in generations. We are fortunate that the commonwealth is generally recognized as the best-managed state in the nation and the best state in which to do business. While this news is positive for Virginia, we have many fiscal challenges ahead. This tough, entrenched economic downturn is proving difficult to fully shake. There are still more than 200,000 Virginians out of work, and countless families struggle daily to make ends meet. At the state government level, crushing unfunded federal mandates and new federal programs continue to complicate our financial planning for years ahead, creating billions in new expenditures. Our unfunded liabilities in the state retirement system and state highway maintenance must be addressed. The federal debt limit problem has introduced even more uncertainty into our future fiscal outlook and the commonwealth's credit rating. Clearly, there is much to do. * * * * * The overwhelming majority of the commonwealth's revenue surplus is already obligated by previously passed legislation to predetermined areas of the state budget. We will repay $146.6 million to the Revenue Stabilization Fund, the "rainy day fund," as it is often called. We will invest $32 million in our Water Quality Fund and $8.9 million in the Unemployment Compensation Fund. Where I have the authority to direct surplus funds, I will make responsible decisions that will have long-term impacts to the commonwealth. Virginia will set aside $4.3 million to assist families continuing to try to rebuild after April storms and tornados devastated a number of our communities. (Citizens can still donate to these efforts as well at https://payments.vi.virginia.gov/donatenow). We will restore funding to sheriff's offices that have struggled to continue to provide public safety services in our local communities after previous budget cuts. And, we will direct remaining funds to shoring up our retirement system — as part of my ongoing effort to reform and improve Virginia's pension system to ensure its long-term viability — and to continuing to invest in transportation infrastructure in the commonwealth. Virginia's focus on problem-solving, getting results and bipartisan cooperation in the pursuit of the best interests of our citizens has led to positive outcomes. We will continue to adhere to this philosophy of governing as we address the challenges in front of us. It's an example that we hope others will emulate. Bob McDonnell is the 71st governor of Virginia.   Carl Ray Louk "FRIENDSHIP NEVER ENDS" SG-1996 "LET LOVE LEAD THE WAY" SG-2000 "THE PHOENIX SHALL RISE" SD "EVEN A MAN WHO IS PURE IN HEART AND SAYS HIS PRAYERS BY NIGHT, MAY BECOME A WOLF WHEN THE WOLFBANE BLOOMS AND THE AUTUMN MOON IS BRIGHT." LT-1941 "FLESH OF MY FLESH; BLOOD OF MY BLOOD; KIN OF MY KIN WHEN SAY COME TO YOU, YOU SHALL CROSS LAND OR SEA TO DO MY BIDDING!" CVTD-1895 "FROM HELL'S HEART I STAB AT THEE, FOR HATE SAKE I SPIT MY LAST BREATH AT THEE" CA-1895  "I HAVE BEEN, AND ALWAYS SHALL BE YOUR FRIEND" Spock  "TRICK OR TREAT, TRICK OR TREAT CANDY IS DANDY BUT MURDER, OH MURDER, IS SO SWEET" CRL-2003  "EYE OF NEWT, AND TOE OF FROG, WOOL OF BAT, AND TONGUE OF DOG ADDER'S FORK, BLIND-WORM'S STING, LIZARD'S LEG, AND OWLET'S WING. FOR A CHARM OF POWERFUL TROUBLE, LIKE A HELL-BROTH BOIL AND BABBLE. DOUBLE, DOUBLE, TOIL AND TROUBLE, FIRE BURN, AND CALDRON BUBBLE" WS MySpace.com: www.myspace.com/carlraylouk http://www.myspace.com/carlraylouk Yahoo Group: Yahoo! Groups : LouksHauntedGraveyardhttp://groups.yahoo.com/group/LouksHauntedGraveyard/ Yahoo Group: Yahoo! Groups : TheWorldAccordingtoCarlRayLouk http://groups.yahoo.com/group/TheWorldAccordingtoCarlRayLouk/