RICHMOND — Virginia may have finished the last fiscal year with a $545 million surplus, but the state will likely have to borrow an additional $251 million between September and April 2013 to pay back the federal government for loans to its unemployment insurance trust fund — which remains underwater for the second consecutive year.
The status of the trust fund was among the subjects of a meeting Friday of the Virginia General Assembly's Commission on Unemployment Compensation.
The state has borrowed about $568 million from the federal government after the fund, which comes from employer taxes, ran out of money in 2009 due largely to a spike in initial unemployment claims during the nationwide economic recession.
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