Connect with us

State News

March 2018 general fund revenue collections are down 3.5% and fiscal-year-to-date collections are up 5.2% 

Published

on

~Payroll Withholding Accounted for the Monthly Decline~

RICHMOND – Governor Northam announced today that, although March is not a significant month for collections, revenue decreased 3.5 percent as payroll withholding had one less deposit day than a year ago. On a fiscal year-to-date basis, total revenue collections rose 5.2 percent, ahead of the annual forecast of 3.4 percent growth.

“As we enter the fourth quarter of the fiscal year, we are above target. As always, the fourth quarter collections will be highly dependent on individual estimated and final payments due May 1st and June 15th,” said Governor Northam. “We are on a positive trend, but as we deliberate on a budget, we have a responsibility to be fiscally prudent and make use of every available resources to shore up our budget and strengthen our economy. That is why I am encouraged by the progress we are making toward a budget that expands health coverage, bolsters reserves and supports key priorities like education and workforce development.”

Collections of payroll withholding taxes fell 4.7 percent in March.  Collections of sales and use taxes, reflecting February sales, rose 0.4 percent in March.  Wills, suits, deeds, and contracts rose 6.1 percent in March.

On a year-to-date basis, collections of payroll withholding taxes – 64 percent of General Fund revenues — increased 4.2 percent ahead of the same period last year, and are above the estimate of 3.5 percent growth.  Sales tax collections – 18 percent of General Fund revenues – increased 2.9 percent, slightly trailing the annual estimate of 3.0 percent growth.  On a fiscal year-to-date basis, total revenue collections rose 5.2 percent in March, ahead of the annual forecast of 3.4 percent growth.

The last three months of the fiscal year are significant collections months. In addition to estimated and final payments from both corporations and individuals due in April and May, estimated payments are again due in June.

To view the full revenue report click here:  http://finance.virginia.gov/key-documents/master-reports-list/

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

—– Which side are you on? —– Get your t-shirt!

Upcoming Events

Apr
21
Sat
10:00 am 85th Historic Garden Week @ Throughout Virginia
85th Historic Garden Week @ Throughout Virginia
Apr 21 @ 10:00 am – Apr 28 @ 5:00 pm
85th Historic Garden Week @ Throughout Virginia
Each spring visitors are welcomed to over 250 of Virginia’s most beautiful gardens, homes and historic landmarks during “America’s Largest Open House.” This 8-day statewide event provides visitors a unique opportunity to see unforgettable gardens[...]
Apr
27
Fri
6:00 pm Taste of the Town 2018 @ Main Street
Taste of the Town 2018 @ Main Street
Apr 27 @ 6:00 pm – 9:00 pm
Taste of the Town 2018 @ Main Street
The Front Royal Independent Business Alliance (FRIBA) is hosting “Taste of the Town”, a showcase of our local independent eateries. This event will be held on Main Street in downtown Front Royal. Come down and[...]
Apr
28
Sat
9:00 am Skyline-Warren 5th Annual Color Run @ Skyline High School
Skyline-Warren 5th Annual Color Run @ Skyline High School
Apr 28 @ 9:00 am – 12:00 pm
Skyline-Warren 5th Annual Color Run @ Skyline High School
The race will be taking place at Skyline High school at 9 a.m. Please show up at least 30 minutes in advance of the start time. The race will be a “fun” run with colorful[...]