Governor: strong economy means more money for state budget

Governor: strong economy means more money for state budget
Northam said in a letter to lawmakers Friday that new revenue estimates for the fiscal year 2020 show an expected increase of almost $300 million over previous estimates. (Source: Ned Oliver/Virginia Mercury)

RICHMOND, Va. (AP) - Virginia Gov. Ralph Northam is telling lawmakers that a stronger than expected economy means they will have an extra $180 million to spend when crafting a state budget.

Northam said in a letter to lawmakers Friday that new revenue estimates for the fiscal year 2020 show an expected increase of almost $300 million over previous estimates.

By law, about $112 million of that extra money is designated for the state’s reserves.

Lawmakers in both the House and Senate are set to unveil their proposed $135 billion two-year state budgets on Sunday.

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