Governor Bob McDonnell announced today that October revenue collections increased by 3.7% over the prior year. This is the seventh month out of the last eight in which state revenue collections exceeded the previous year's amount. The revenue increase was primarily driven by individual withholding (+4%) and sales tax (+6.5%) collections. Individual withholding is a significant budget driver, and the year to date increase of 4.3% is exceeding the officially forecasted growth of 2.4%. Adjusted for the accelerated sales tax program, total state revenues grew 3.6% through October, slightly lagging the economic-base forecast of 4.2% growth.
Friday, November 12, 2010
Commonwealth Posts 3.7% Revenue Growth in October
Yes Virginia, there are signs of an economic recovery here. From the Governors office: