Fiscal year ends with large surplus

Associated Press

Updated: Aug 15, 2012 1:46 PM

RICHMOND, Va. (AP) — Gov. Bob McDonnell is claiming that Virginia state government ended its fiscal year in June with a nearly $450 million surplus.

That includes savings from state operations totaling $187 million as of June 30.

The administration had already announced a revenue surplus of $129 million.

Savings were bolstered by an unusually large amount of general fund appropriations from state-supported colleges and universities. Seventy percent of the total savings came from higher education.

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