Gov. Bob McDonnell on Aug. 19 announced that the commonwealth finished fiscal 2013 with a $585 million surplus, the fourth consecutive year in the black for McDonnell's administration.
The recent year's surplus is the largest since 2005, according to the Republican governor's office.
The McDonnell administration's cumulative surplus total comes out to nearly $2 billion.
“Our good performance on the revenue front is concrete evidence of the commonwealth’s improving jobs picture, real estate market, and overall economic conditions,” McDonnell said in prepared remarks. “Virginia has created 172,600 net new jobs since February 2010. Over 90 percent of those jobs are in the private sector ... Our unemployment rate is the lowest rate in the Southeast, and well below the rates of our neighboring states.”