Commonwealth Posts 7.8 Percent Revenue Growth in August

Commonwealth Posts 7.8 Percent Revenue Growth in August

On September 15, Governor Bob McDonnell announced that August revenue for the state of Virginia collections increased by 7.8 percent over the prior year. This is the 17th month out of the last 18 in which state revenue collections exceeded the previous year’s amount.

Although August is not a significant month for revenue collections, the revenue increase was primarily driven by a 13.3 percent growth in individual income tax withholding  and a 24.6 percent increase in non-withholding receipts (individual final payments based on 2010 tax liabilities).  On a year-to-date basis, total revenue collections have risen 8.8 percent, ahead of the revised annual forecast of 3.7 percent growth. Adjusted for the accelerated sales tax program, state revenues have grown 6.7 percent, ahead of the economic base forecast of 3.5 percent growth.

“Following the closure of the fiscal year with our second straight surplus, revenue indicators continue to demonstrate that Virginia’s economy continues to gradually show some signs of improvement,” Governor McDonnell said. “Our administration is committed to implementing aggressive policies that encourage economic growth, help private-sector companies add jobs, reduce government spending, and nurture a strong and growing economy in the years ahead.”

The August revenue numbers are available here.

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