Virginia expecting a $500 million budget surplus

RICHMOND, Va. (AP)- The state of Virginia is expecting a half-billion-dollar budget surplus by the end of June, blunting the impact of COVID-19 on the economy, and officials are awaiting a $4.3 billion federal deposit in the state’s coffers any day.

Secretary of Finance Aubrey Layne told legislators on Monday that he expects state revenues to exceed expenses by more than $500 million in the fiscal year that ends June 30.

Layne also expects Virginia to receive its share of federal aid from the American Rescue Plan Act in one lump sum soon, leading to a special legislative session which will determine how to spend it.