Virginia Surplus Will Total $311 Million

The bulk of the surplus comes from individual income tax collections that exceeded their forecasts by nearly $200 million.

RICHMOND, Va. (AP) - Virginia's state government ended its last fiscal year on June 30 with a surplus of $311 million, according to state documents obtained by The Associated Press.

Gov. Bob McDonnell plans to detail how the state ended the year with the unspent balance at a Tuesday news conference.

After three years of revenue shortfalls, Virginia cut spending, found savings and used federal stimulus cash to balance budgets the past two years.

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