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Virginia Reports $129M Surplus For Fiscal 2012

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Virginia's budget surplus is due to increased tax receipts, but could take a hit from federal sequestration.
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Virginia's budget surplus is due to increased tax receipts, but could take a hit from federal sequestration.

The Commonwealth of Virginia has reported a $129 million budget surplus for the 2012 fiscal year ending last month, as revenues exceeded the official forecast on which the budget was based.   

Finance Secretary Ric Brown says revenues for the twelve months ending June 30 increased by 5.4 percent over the previous fiscal year, according to the Associated Press. Individual withholding, the tax most people pay on their wages, finished almost $34 million ahead of expectations. Sales tax collections added $55 million to the surplus, and corporate income taxes were $32 million more than expected.   

Nonwitholding income taxes collected on dividends and by the self-employed were down slightly, but the state paid out less in refunds.

Gov. Bob McDonnell will address the revenue report on Tuesday.

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