The state appears to be heading toward a budget surplus of $100 million to $200 million, Gov. Bob McDonnell estimated Wednesday.
McDonnell estimated the surplus for fiscal 2011 in an exchange with reporters after he announced that revenue collections in May increased by 17.9 percent over the prior year. It was the 14th month out of the past 15 months in which tax collections exceeded the prior year's amount.
The 2010-11 fiscal year ends June 30.
Tax collections in June must total about $1.6 billion to attain the forecast of a balanced budget for the year. Receipts in June 2010 were $1.8 billion.
Jim Regimbal, an independent economist, said it is difficult to predict, but "if I had to guess, I would say a surplus of around $300 million."
Last fiscal year, the state had a surplus of $403 million, but that was inflated by $220 million in accelerated sales tax receipts. Sales taxes owed by merchants for July 2010 sales were pulled into June to avoid severe budget cuts.
