Virginia’s May tax collections came in stronger than estimated and the state now projects a revenue surplus in June.
May’s general fund revenue collections fell 0.2%, considerably less than the 2.3% that had been projected.
The triple-A rated state also posted its first back-to-back increase in sales and use taxes since 2007. Still, year-to-date total revenue through May fell 3.3%.
Gov. Robert F. McDonnell called the above-estimate tax collections “a positive sign” that “activity is returning to our economy.”