RD180 - Preliminary Annual Report by the Office of the Comptroller


Executive Summary:
In compliance with the provisions of Section 2.2-813 of the Code of Virginia, I hereby submit my preliminary annual report on the financial condition of the General Fund of the Commonwealth for the fiscal year ended June 30, 2004.

The Commonwealth ended fiscal year 2004 with a total fund balance in the General Fund of $1.1 billion measured on the cash basis of activity. This is an increase of $554.8 million, or 100 percent, from last year’s ending fund balance of $554.8 million, as restated (see Note 6). Planned (budgeted) increases in General Fund balance for this year were $165.6 million. The first graph on page 9 shows a comparison of the General Fund balance for the last five years.