Virginia revenues fall 5.4 percent in October
Virginia’s general tax collections for October declined, leaving actual revenues behind a budgeted forecast for the state fiscal year.
Finance Secretary Ric Brown wrote in his monthly revenue report to Gov. Bob McDonnell that revenues fell 5.4 percent in October.
That puts year-to-date general fund collections 0.6 percent ahead of revenues at the same point last year. But budgeted state spending is based on a growth forecast of 1.5 percent.
Officials said Wednesday that the decrease in October revenue was driven by declines in corporate, sales and recordation taxes, as well as an increase in individual refunds.
Collections of payroll withholding taxes only grew by 0.5 percent in October, most likely due to the federal government shutdown.
October is not considered a significant month for revenue collections.