WASHINGTON -- Preliminary figures show Virginia finished fiscal year 1992 with a $43.4 million tax-revenue surplus, Gov. L. Douglas Wilder said Friday in Richmond.
In making the announcement, Gov. Wilder said the surplus, though welcome, is relatively small.
"Although $43.4 million is a substantial amount of money, the fact is that it's just seven-tenths of 1% of the fiscal 1992 general fund budget," he said. "Moreover, fiscal 1992 marks the third consecutive year in which general fund collections have grown less than inflation."
Gov. Wilder said preliminary figures show that general fund revenue collections during fiscal 1992, which ended June 30, grew by 2.8%. State officials had forecast revenue growth of 2%.
The governor said that in addition to the revenue-collections surplus, state lottery profits turned over to the general fund exceeded budget estimates by $6.3 million, for a total end-of-year surplus of $49.7 million.
Gov. Wilder is scheduled to make a detailed report on the state's fiscal 1992 performance and provide an outlook for fiscal 1993, in testimony before the General Assembly's money committees Aug. 14.