Connect with us

State News

August 2018 General Fund revenue collections up 4.5% from previous year

Published

on

Governor Northam

RICHMOND—Governor Northam announced today that August General Fund revenue of $1.446 million increased 4.5 percent from the previous year. 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 Governor 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.”

Collections of payroll withholding taxes increased 5.1 percent in August. Collections of sales and use taxes, reflecting July sales, grew 7.5 percent in August. Recordation taxes from real estate transactions declined by 1.4 percent.

September collections will complete the first quarter of fiscal year 2019 and provide a clearer assessment of revenue growth. The first estimated payments from individuals, corporations and insurance companies are due in September.

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.

To view the full report, click here.

King Cartoons

Upcoming Events

Sep
20
Thu
6:00 pm Create Your Own Paper Sculpture ... @ Art in the Valley
Create Your Own Paper Sculpture ... @ Art in the Valley
Sep 20 @ 6:00 pm – 8:30 pm
Create Your Own Paper Sculpture Koi Fish Workshop @ Art in the Valley
Create your own 5” x 7” koi fish paper sculpture. No drawing skills necessary! Artist Tiffany Budzisz will walk you through all the steps to cut out, shape and assemble your sculpture. All tools and[...]
Sep
21
Fri
7:00 pm Selah Theatre Project presents A... @ Selah Theatre Project
Selah Theatre Project presents A... @ Selah Theatre Project
Sep 21 @ 7:00 pm – 9:00 pm
Selah Theatre Project presents August Wilson's "Fences" @ Selah Theatre Project
Selah Theatre Project is proud to present August Wilson’s Fences . a Pulitzer Prize and Tony-Award winning modern masterpiece. Fences is the 6th of 10 plays in Wilson’s “Pittsburgh Series” that chronicle the black experience[...]
Sep
22
Sat
9:00 am 2018 Walk for Life
2018 Walk for Life
Sep 22 @ 9:00 am – 12:00 pm
2018 Walk for Life
2018 Walk for Life is hosted by the Front Royal Pregnancy Center. More details to come!
9:00 am Impressions of the Valley @ Art in the Valley
Impressions of the Valley @ Art in the Valley
Sep 22 @ 9:00 am – 5:00 pm
Impressions of the Valley @ Art in the Valley
Art in the Valley, a fine art gallery and studio located at 205-A East Main St. in Front Royal, will host a plein air painting outing on September 22 from 9am to 5pm. Artists from[...]
12:00 pm 2018 Brews & Blues Festival @ Downtown Front Royal
2018 Brews & Blues Festival @ Downtown Front Royal
Sep 22 @ 12:00 pm – 6:00 pm
2018 Brews & Blues Festival @ Downtown Front Royal
Fun abounds in downtown Front Royal, Virginia on Saturday, September 22, 2018! Bring your family and enjoy a day of fun, delicious food, great live entertainment, and of course, beer tasting. The festival gates open at noon with[...]