Wednesday, December 7, 2022

Virginia Revenue Is On The Rise

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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.”

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