Virginia Gov. Ralph Northam announced Wednesday that August General Fund revenues of $1.446 million increased 4.5 percent from the previous year, although August is not a significant month for revenue collections.
“The positive revenue growth in this report is a clear sign that our economy is on the right track and our Commonwealth remains in a strong financial position,” said Northam. “While this progress is encouraging, we cannot let up now in our efforts to grow and diversify Virginia’s economy. My administration will stay focused on bringing jobs and opportunity to Virginia citizens in every part of the Commonwealth.”
On a year-to-date basis, collections of payroll withholding taxes—64 percent of General Fund revenues—were flat, trailing the annual estimate of 2.6 percent growth, as a timing anomaly pushed some July payments into June. Sales tax collections—18 percent of General Fund revenues—have grown by 7.5 percent year-to-date, ahead of the forecast of 2.5 percent growth. On a fiscal year-to-date basis, total revenue collections rose 1.9 percent in August, above the annual forecast of 1.5 percent growth.