Virginia records surplus of $261.9 million

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The state government finished its 2013 fiscal year in June with a surplus estimated at $261.9 million.

Revenue collections rose by 5.3 percent during the fiscal year, well above a growth forecast of 3.6 percent.

The governor’s office attributed the increase to individual income tax receipts from non-withholding payments, lower individual income tax refunds and higher than expected recordation tax collections. 

The final FY 2013 surplus figures will be on Aug. 19.

This is the fourth fiscal year in a row, all during Gov. Bob McDonnell’s term, that Virginia has concluded the fiscal year with a revenue surplus. The last time the state recorded surpluses in all four years of governor’s term was during the administration of George Allen, 1994-98.

In FY 2010, the revenue surplus for the year was $228 million; in FY 2011, $311 million; and in FY 2012, $129 million.

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