Virginia Surplus Will Total $311 Million
RICHMOND, Va. (AP) -- Documents obtained by The Associated Press show that Virginia's government ended its last fiscal year on June 30 with an unspent balance of $311 million.
Gov. Bob McDonnell plans to detail how state government ended the year in the black at a Tuesday news conference.
A draft analysis of final revenues for fiscal 2011 shows the bulk of the surplus comes from individual income tax collections. They exceeded official budgeted forecasts by nearly $200 million.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
APNP 07-19-11 0516EDT