For the second straight year, the Commonwealth of Virginia has reached the end of the fiscal calendar in the black. Governor Bob McDonnell announced that the state concluded Fiscal Year (FY) 2011

For the second straight year, the Commonwealth of Virginia has reached the end of the fiscal calendar in the black. Governor Bob McDonnell announced that the state concluded Fiscal Year (FY) 2011 with an approximately $311 million surplus from general fund revenue collections and transfers. Total revenue collections rose by 5.8% in FY 2011, well ahead of the revised revenue forecast 3.5% growth. The main drivers of the revenue increase were growth in individual income tax receipts from both payroll withholding and non-withholding, key economic indicators. The final FY 2011 surplus number will be adjusted upward later this month after the final agency savings generated through greater operational efficiencies are tabulated. In FY 2010, the revenue surplus for the year was $228 million. The final FY 2010 surplus, including savings, was $403 million. The Governor made the announcement on July 19th at an afternoon press conference at the Patrick Henry Building on Capitol Square in Richmond. He was joined by Lieutenant Governor Bill Bolling and Secretary of Finance Ric Brown. It's the second fiscal year in a row that Virginia has concluded the fiscal year with a revenue surplus. This is also the first year since 2008 that there has been actual revenue growth over the previous year. From the Governor's Office