Vir­ginia rev­enues fall 5.4 per­cent in Oc­to­ber

The Washington Times Daily - - Metro -

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.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.