Virginia ends year with nearly $600 million surplus

AP Political Writer

RICHMOND, Va. (AP) - Virginia government ended its last fiscal year with a surplus of nearly $600 million, the largest in eight years.

A little less than half of that, $264 million, came from greater-than-expected tax collections.

Gov. Bob McDonnell announced Monday that there were $320 million in savings added to the revenue surplus.

That allows for a deposit into the state emergency reserve fund that will boost it to nearly $1 billion. That's its highest level in six years.

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