The state ended fiscal year 2011 on June 30 with a $311 million surplus.
Gov. Bob McDonnell will hold a news conference this afternoon to discuss the budget surplus, some of which he has indicated could be directed to pay money back into the Virginia Retirement System.
To balance the budget, the General Assembly withheld $620 million in contributions to the pension fund.
Revenue collections in May increased by 17.9 percent over the prior year, making it the 14th month out of the past 15 months in which tax collections exceeded the prior year's amount.
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.
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