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Thomas K. Norment, Jr.

McAuliffe: Revenue growth means Virginia's economy is 'back'

Higher-than-expected state tax revenues are a sign that Virginia's economy has recovered from the Great Recession, Gov. Terry McAuliffe says. "Our economy is back, it's moving," McAuliffe said at a Capitol news conference Monday. Preliminary budget figures show $553 million more in revenues than Virginia's purposely conservative budget projections had anticipated in the fiscal year that ended in June. Income tax revenues, which came in higher than expected, were the biggest drivers of the revenue surplus. The extra money is already spoken for, with most of it going to the state's rainy day fund. The surplus also means that state employees will receive their...