Virginia has a billion-dollar surplus. Here’s what this food truck owner sees.

RICHMOND, Va. – If anyone knows exactly what to order at Kristen’s Kitchen – a local food truck that sells crab cakes and steak sandwiches – it’s Kristen’s husband and business partner, Rob Bortone.

“Yeah, I’m a steak and potatoes guy. I always like a steak with cheese,” Rob said, smiling.

The Bortones started their business in 2021 after Kristen lost her job at a gym during COVID-related closures.

Both Kristen and Rob had previously worked in the restaurant industry and decided to take the plunge.

“We met 20 years ago at a restaurant where we worked together. She was a hostess and I was a waitress,” said Rob, who takes orders while Kristen cooks. “She really puts love into her food.”

The food truck is their passion, their livelihood and a constant math challenge.

“Oh, the bill is huge. Not only do we have to worry about food costs, but we also have space issues. The amount of food we can carry in the truck is a big thing we have to consider,” Rob said. “Prices have definitely been a challenge over the last three years because products have gone up and down, up and down.”

$1.2 billion budget surplus

Despite economic pressures from inflation and rising costs for small businesses and consumers, Governor Glenn Youngkin (R – Virginia) announced Wednesday that Virginia ended the 2024 fiscal year, which ended June 30, with a budget surplus of nearly $1.2 billion.

Administration officials said their previous revenue projections factored in a national economic recession that never materialized, but better-than-expected job growth in Virginia and improved consumer spending contributed to the surplus, they said.

Youngkin said a budget surplus of this magnitude is good news for Virginians and reiterated his support for tax relief for Virginians.

“For us, this is an opportunity to pursue a both-and strategy, not an either-or strategy,” the governor said.

Speaking to reporters, Youngkin said the talks should include lowering tax rates for individuals and families, eliminating the personal property tax or “car tax” in municipalities and cutting the corporate tax. The administration pursued these aspirations in previous budget talks, but they were not included in recent budget negotiations with Democrats who control the General Assembly.

“All of these items should be on the table for us to discuss, all of these should be opportunities for us to reduce the burden on the citizens of Virginia, and we will go through a process over the next few months to develop a formal proposal,” Youngkin said.

In a statement following the General Assembly’s Joint Finance Committee meeting on Wednesday morning, Senate Democrats said they believe additional tax refunds are off the table.

“While the Governor may view our fiscal surplus as evidence of over-taxation, it is important to recognize that a true surplus cannot coexist alongside underfunded vital systems,” the statement said. “Our K-12 education system, higher education, natural resources, mental health, and social safety net remain underfunded by billions of dollars, and we must continue to prioritize investments in these programs.”

House Budget Committee Chairman Del. Luke Torian (D – Prince William) said tax policy changes could not occur before the 2025 General Assembly session, which begins in January.

“Virginia’s economy is strong,” Torian said. “I think we’ll just have to wait and see what all comes out in terms of our recommendations that could impact decisions made in the 2025 session.”

Rising food prices have impacted the Bortones’ business, and he hopes lawmakers will consider small businesses like theirs in any decisions they make regarding the state’s coffers.

“We find ways to lower prices where we can because we don’t raise prices for our customers. A stable price is important to them,” Bortone said. “We know that if we do our best and give it everything we have, we will be successful. And so far, we have been.”

Youngkin will submit his amendments in December to Virginia’s biennial budget, which passed earlier this year. That proposal will include his plan for the surplus, but ultimately the General Assembly will have a say in what Virginia will do with the surplus funds during the 2025 session.

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