Va revenues continue climb, but surplus is cloudy

RICHMOND, Va. (AP) — The state’s tax general tax collections for May were up by 8.3 percent over last year, presenting the possibility of a year-end surplus once the current fiscal year ends in two weeks.

Eleven months through the current budget year, that puts year-to-date collections 6.2 percent ahead of the same point in 2011 — well ahead of the official revenue growth forecast of 4.5 percent on which budgeted spending was based.