November 17, 2021
 |

RICHMOND—Governor Ralph Northam has announced general fund revenues grew 15.6 percent in October, driven by an impressive growth in payroll withholding and sales tax collections.

“We are excited to see increased revenue collections once again,” said Governor Northam. “This continued growth is a reflection of the Commonwealth’s responsible fiscal managementour smart investments continue to pay off for Virginians.”

Collections of payroll withholding taxes grew 9.8 percent in October. Collections of sales and use taxes, reflecting September sales, rose 12.2 percent in October. Collections of wills, suits, deeds, and contracts were $55.8 million in October, compared with $59.9 million in October of last year, a 6.8 percent decrease and the first decrease in 14 months.

On a fiscal year-to-date basis, total revenue collections grew 11.8 percent, ahead of the annual forecast of an 8.0 percent decrease. Collections of payroll withholding taxes62 percent of General Fund revenuesincreased 9.7 percent, ahead of the annual forecast of 1.7 percent growth. Sales tax collections17 percent of General Fund revenuesincreased 15.4 percent through October, ahead of the annual forecast calling for a 4.2 percent decline.

The Joint Advisory Board of Economists met on October 13 to assess recent economic developments and the economic outlook for the current and next biennium. The Governor’s Advisory Council on Revenue Estimates will meet on November 22 to evaluate both the Joint Advisory Board of Economists’ economic recommendations and revenue collections through October. The Governor’s Advisory Council on Revenue Estimates members’ recommendations will be incorporated into the general fund revenue forecast to be released on December 16 when the Governor meets with the General Assembly money committees.

The full report is available here.

.

Listen Live!

WESR 103.3FM PLAY BUTTON
COASTAL COUNTRY PLAY BUTTON

Local Weather

February 26, 2024, 6:08 am
Broken clouds
S
Broken clouds
40°F
9 mph
Apparent: 35°F
Pressure: 1020 mb
Humidity: 79%
Winds: 9 mph S
Windgusts: 29 mph
UV-Index: 0
Sunrise: 6:39 am
Sunset: 5:52 pm
 

Visit our sponsors

FOLLOW US

OUR ADVERTISERS

Pep Up

Member of the

esva chamber