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State discovers
$72 million
budget surplus
By JEFF NELSON
Arundel Newspapers State Writer
Gov. L. Douglas Wilder and his staff announced last week that Virginia will raise $72 million more than expected this year but that the money will not be spent immediately.
“This is, indeed, good news, but it needs to be kept in perspective,” Gov. Wilder said.
The governor characterized the surplus as an “indication of Virginia’s conservative approach to forecasting revenues.” Even with the surplus, he cautioned, state revenues are almost a half-percent less than revenue^ taken in this time last year.
The surplus includes $50 million in underestimated tax revenue and $22 million in unexpected Lottery profits.
See SURPLUS, p. A-6
92.0%