Sources Say Virginia Final 2010 Budget Surplus Nearly $404 Million

Aides to Gov. Bob McDonnell say the state's final 2010 budget surplus will be nearly $404 million, almost double the previous estimate.

McDonnell planned to make the announcement Thursday to the General Assembly's money committees, but senior advisors not authorized to pre-empt the governor's speech, and speaking on the condition of anonymity, said final general tax collections will total about $230 million. The remainder comes from unspent balances.

The governor's spokesman, J. Tucker Martin, refused a request for comment.

The windfall continues a dizzying and unlikely fiscal turnaround for a state whose general operating fund in January faced a $1.8 billion shortfall.

Legislative Democrats credit former Virginia governor and current Democratic National Committee Chairman Tim Kaine and maintain the surplus should never have been surprising.

For months after he succeeded Kaine in January, Democrats have complained McDonnell downplayed estimated revenues, creating the perception of a rebound under the GOP's watch.

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