District of Columbia officials say the city ended last fiscal year with a $321 million surplus, continuing a run of fiscal health since the end of the recession that has outpaced most states and municipalities.
Virginia government ended its last fiscal year with a surplus of nearly $600 million, the largest in eight years.
Gov. Bob McDonnell says the state will be able to beef up its “rainy day” cash reserve fund to almost $1 billion from the past fiscal year’s surplus.
D.C. Councilmember Marion Barry says he’s going to try to force the city to spend up to $100 million of its $417 million budget surplus on services for disadvantaged residents.
As millions of baby boomers flood Social Security with applications for benefits, the program’s $2.7 trillion surplus is starting to look small.