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Virginia sees revenue growth in August

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The state’s August revenue collections increased by 5.3 percent over the previous year, the governor’s office said Tuesday. However, when adjusted for an accelerated sales tax program, the boost — driven primarily by withholding and sales tax collection — drops to 3.3 percent in August, lagging an economic forecast of 4.2 percent growth.

The good news: this was the fifth month out of the last six in which state revenue collections exceeded the previous year’s amount. 

“The increase in revenue collections this August is a small, but positive, sign for Virginia’s economy, especially in light of the performing of withholding receipts, the largest source of revenue for the general fund,” Gov. Bob McDonnell said in a statement. “However, this remains a tough fiscal environment overall.”

Year-to-date, the state slightly trails its revenue forecast. McDonnell says September’s numbers will shed more light on the revenue picture, and what impact it will have on the state’s biennial budget.

 


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