On August 19, Virginia Governor Bob McDonnell addressed the joint Senate Finance, House Appropriations and House Finance Committees in Richmond. During his address, McDonnell said, “Last session we faced a potential $1.8 billion shortfall in the remaining FY 2010 budget. Today I am pleased to report that we closed the fiscal year with a $403.2 million surplus. We collected $228 million more in revenues than expected and spent $175 million less than budgeted.” He added, “We have seen some slight economic growth recently in the Commonwealth. I thank Virginia's business owners and entrepreneurs for their willingness to take risks in a tough economy. Those risks are paying off in the form of new jobs and increased tax revenue.” Read the Governor’s remarks.