Thursday, December 1, 2022

Governor Northam Announces 18.4 Percent September Revenue Increase

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Governor Ralph Northam recently announced that the September General Fund revenue increased 18.4 percent from last year.

“Our economy continues to show signs of a strong recovery,” said Governor Northam in a press release. “Our strategic and proactive decisions are paying off. In this strong economy, Virginia will continue making critical investments in our communities, our public schools, and statewide infrastructure to bolster our growing economy. Our fiscal responsibility is paying off for Virginians.”

Collections of payroll withholding taxes grew 9.9 percent in September. Collections in non-withholding increased 25.2 percent since September 2020. Collections of sales and use taxes, reflecting August sales, grew 20.6 percent in September. Collections of corporate income tax increased by 41.3 percent in September. Collections of wills, suits, deeds, and contracts — mainly recordation tax collections — were $60.1 million, compared with $56.6 million in September of last year.

The first estimated payment of non-withholding and corporate income tax collections for the fiscal year were due in September.

“September completes the first quarter of fiscal year 2022, and is a significant month for revenue collections,” said Secretary of Finance Joe Flores. “Overall, this quarter’s revenue performance was strong. It is important to remember that we are comparing this quarter’s performance to the heart of the pandemic closures last year when there was still not even a vaccine on the horizon.”

On a year-to-date basis, collections of payroll withholding taxes — 62 percent of General Fund revenues — grew by 9.7 percent, well above the annual estimate of 1.7 percent increase. Sales tax collections — 17 percent of General Fund revenues — increased 16.7 percent through September, far outpacing the annual forecast of a 4.2 percent decline.

On a fiscal year-to-date basis, total revenue collections rose 10.6 percent, well ahead of the annual forecast of an 8.0 percent decrease. Through the first quarter of the fiscal year, corporate income tax collections rose 36.5 percent, exceeding expectations of an annual 16.1 percent decrease. The collections of wills, suits, deeds, and contracts were up 9.0 percent in the first quarter, outperforming the forecasted 31.3 percent decline.

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