Wednesday, December 7, 2022

Virginia Revenue Is On The Rise

Sign up here for our free newsletter that tells you about the newest stories, three mornings each week.

Virginia Governor Ralph Northam released a Revenue Report for August 2021 for the commonwealth, which indicated that total General Fund revenues rose 18.9 percent from the previous year and 5.2 percent for the fiscal-year-to-date.


“August’s revenue numbers show that our roaring economic recovery is continuing,” the governor said in a press release. “Thanks to fiscally responsible stewardship, Virginia ended fiscal year 2021 with an historic $2.6 billion surplus—the largest in the commonwealth’s history, despite the pandemic. I am proud of what August’s numbers say about our work to support the economic recovery by helping Virginians who need it and making strategic investments in our future.”

The increase shows the strength of Virginia’s economy, even in a month that traditionally is not significant for revenue collections, with collections mainly from withholding, sales taxes, and other sources that have regular monthly payments.

“September collections will complete the first quarter of fiscal year 2022 and provide a clearer assessment of fiscal year 2022,” said Virginia Secretary of Finance Joe Flores. “We expect growth to continue as we prepare for the next budget cycle.”

You must purchase this article or be a subscriber to comment on it.

Latest News

Former SunTrust Building In Gloucester To Become Event Venue

GLOUCESTER – In the past few years, Sherry Spring, Gloucester’s economic development director, has heard all sorts of rumors connected to the former SunTrust...

Dunkin’ Next Generation Store Opens In Newport News

NEWPORT NEWS—Dunkin’ Donuts recently opened its latest Dunkin’ Next Generation location at 15488 Warwick Blvd. in Newport News. The store officially opened November 21,...

The New Local News Model

On July 1, we started a new way to pay for news. Yes, we want you to subscribe, but we know nobody subscribes to every site they visit just because there's a paywall.

So if you don't want to subscribe (even at the low price of $39.99 for a year), you can pay for access to individual articles. Or just buy a 24-hour pass, as if you were buying a single copy of a newspaper. We use a new payment service called Transact, which lets you pay for individual articles in as little as three seconds. And you will get $3 in credit when you sign up (just an email address, no credit card required), which will let you pay for at least 20 articles.

This is new for everyone, so we're going to ease you into this. Initially, there won't be many articles that you have to pay for. Short ones will always be free. And even the longer stories will let you read the first half or so for free. We'd love to hear what you think, so send us a note at feedback@peninsulachronicle.com.