Virginia announced Monday that it expects to end fiscal 2012 with a $129.2 million surplus, the third consecutive year the state showed such growth.
Total revenues rose 5.4%, and were ahead of the revised revenue forecast growth rate of 4.5%. It was the second year revenue collections exceeded 5%.
The main drivers of the revenue increase were growth in individual income-tax receipts from payroll withholding, lower individual income tax refunds, and higher-than-expected sales and corporate income tax collections. About half of the increase was attributed to savings.
Total revenue collections in Virginia have now returned to the level reached in fiscal 2008, and are "an indication of continued recovery from the recession that struck the country in recent years," according to Gov. Bob McDonnell.
