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Virginia revenues climb, but inflation a growing concern

Virginia General Assembly Building
Virginia General Assembly Building(WHSV)
Published: May. 17, 2021 at 7:47 PM EDT
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RICHMOND, Va. (WDBJ) - Virginia’s top finance official says there is positive news in the state’s latest economic reports, but also cause for concern.

On Monday, Secretary of Finance Aubrey Layne noted state revenues were up more than 40 percent in April over the same period a year ago.

And the state will soon receive billions in federal pandemic relief.

But he also told members of the House Appropriations Committee he’s concerned about the impact of inflation.

“There are some signs that give me concern, as to whether or not this inflation will be temporary, and what that may do as we move forward,” Layne told the lawmakers.

Layne also said the state is on track to record a large budget surplus, perhaps $500-million or more.

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