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Virginia’s revenue grows 17.9 percent in May

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The commonwealth’s general fund revenues grew 17.9 percent in May over May 2010, mostly because of growth in individual payments for 2010 taxes.

This marked the 14th month out of the past 15 when monthly revenue collections have exceeded the prior year. However, growth in payroll witholding and sales taxes slowed even though there was an extra deposit day in May.

“While 17.9 percent revenue growth is great news, it does not mean we have fully turned the corner from the deep and long-lasting recession that has impacted every Virginian,” Gov. Bob McDonnell said in a statement. “Like some national economic indicators, our payroll withholding and sales tax collections slowed last month. This means there is still much work to be done before we find ourselves with the full and robust economic recovery our commonwealth and nation needs.”

On a year-to-date basis, total revenue collections rose 5.8 percent, ahead of the forecast of a 3.5 percent growth. When adjusted for the accelerated sales tax program from June 2010, total revenues grew 7.3 percent through May, ahead of the forecast of 5.5 percent.

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