Commonwealth’s general fund revenue fell 2.4 percent in September
Virginia’s general fund revenue in September was down 2.4 percent from last year, the governor’s office said Thursday.
The drop was attributed to the timing of payroll withholding taxes. Payroll withholding declined 5.8 percent in September, after a 17.7 percent increase in August..
On a fiscal year-to-date basis, total revenue collections rose 3.6 percent, ahead of the annual forecast of a 1.7 percent increase.
September, a significant month for revenue collections, completes the first quarter of fiscal year 2017.
The main drivers of the revenue increase were the individual income tax and recordation taxes.
Estimated payments from individuals, corporations, and insurance companies are due in September, in addition to monthly collections from withholding, sales taxes and other sources.