WASHINGTON — Virginia posted a preliminary fiscal 2010 surplus of at least $220 million as income and corporate taxes rebounded, reversing a $1.8 billion budget shortfall the state faced six months ago.
The final figure for the budget surplus won’t be made official until August. Gov. Robert F. McDonnell last month hinted at a possible surplus for fiscal 2010, which ended June 31, when May revenues came in stronger than expected. Part of the surplus proceeds may be diverted to a fund that supports outstanding clean water revenue bonds.