TODAY’S COLUMN - How Virginia budgets and spends your tax dollars

This was a good week for Virginia.

On July 13th, the Virginia Department of Finance announced that the Commonwealth ended fiscal year 2015 on July 1st with a $553 million budget surplus. That’s in stark contrast with last year’s dour forecast of sharp revenue shortfalls. And it’s good news in these challenging economic times.

But this outcome didn’t just happen. It resulted from strong legislative leadership in the General Assembly that navigated us through tough times and produced quick and responsible amendments to the budget, closing last year’s budget shortfall. As a member of the House Appropriation Committee (HAC), I’m thankful to be part of the team that pulled together in tough times and crafted a bipartisan, bicameral budget.

Virginians can take pride in the balanced, cautious, and responsible way in which we build our budgets. As required by law and the Constitution of Virginia, almost $477 million of the surplus will go to the State Revenue Stabilization Fund, better known as the “Rainy Day Fund.” When combined with the $129 million we put in the fund earlier this year, a total of $607 million will be deposited. That’s what Ruth and I do with our family budget, and it’s what many of our Prince William neighbors do. It has served our family well, and it will serve our Commonwealth well.

The rest of the $553 million will go to the core functions of government—to the Water Quality Improvement Fund, transportation, and pay raises for K-12 teachers and college faculty, state police officers and sheriff deputies, and state employees. Responsible budgeting is why Virginia is one of just 15 states to hold a AAA bond rating from Moody’s (for the record, Illinois has last-place distinction).

In the words of the Virginia Chamber of Commerce, this substantial surplus “should not be confused with long-term economic growth.” Responsible stewardship must be the watchword for the next biennial budget that we on the HAC will craft during the 2016 legislative session. I say that because Virginia posted zero percent growth in the first quarter and recently fell to 12th place on CNBC’s list of “Top States for Business.”

And with the threat of additional Sequestration cuts this October 1st, we must wean ourselves from dependency on the federal defense dollar and avoid further dependency on the federal Medicaid dollar by strengthening the healthcare safety net.

With the forthcoming retirement of Sen. Charles J. Colgan (D-29), Del. L. Scott Lingamfelter (R-31) will assume an important leadership role as the senior Prince William appropriator in the General Assembly. I look forward to working with him and our fellow HAC member, Del. Luke E. Torian (D-52), in crafting a 2017-2019 biennial state budget that serves the needs of Prince William County and the Commonwealth.

As the new chairman of the House Committee on Science and Technology (S&T), I look forward to working over the next two years with Virginia’s S&T community to craft a legislative agenda that nurtures these job generators as a key segment of our state economy. In early September, I will represent the Commonwealth at the 2015 Jobs Summit hosted by the National Conference of State Legislatures. My goal is to return home, armed with best practices used by our colleagues in the other 49 state legislatures.

Virginia and Prince William County have long been at the center of a vibrant economy. We intend to continue that tradition through responsible budgeting over the coming biennium.

Del. Anderson may be reached at: 51st House District legislative office, 571-264-9983, .(JavaScript must be enabled to view this email address), http://www.RichAnderson.com