jump to example.com

State revenues up 20.5 percent in May

economic-forecast-headerState revenue collections increased by 20.5 percent from May of last year, according to a report from the governor’s office today.

May is a significant month for revenue collections. On a year-to-date basis, total revenue collections rose 6.0 percent through May, ahead of the annual forecast of 3.6 percent growth. Adjusting for the accelerated tax program, total revenues have grown 5.7 percent, ahead of the adjusted forecast of 3.4 percent. To meet the state’s budget forecast, collection of $1.7 billion will be needed in the month of June. Last year, the Commonwealth collected $1.9 billion in the final month of the fiscal year.

The increase in May revenue was driven by a major increase in individual nonwithholding payments. These payments increased by 74.7 percent for the month, rising to $776.1 million, compared to $444.2 million last May. May is a very important month for individual nonwithholding payments as final payments for tax year 2012 and the first estimated payment for tax year 2013 are both due May 1. April is also an important month for individual nonwithholding as a number of final payments arrive during that period. Taken together, nonwithholding collections for April and May, the best way to look at the payments in totality, were up 30.7 percent over the same period last year.

In other areas, sales and use tax collections grew 2.7 percent for the month. Individual income tax withholding fell 1.8 percent.

The May revenue numbers are available at this link: http://www.finance.virginia.gov/KeyDocuments/RevenueReports/FY2011-2012/2012ReportsList.cfm

Discussion
 
Top News
 
a

Virginia House passes bill to loosen gun safety rules in foster homes

The House of Delegates passed a bill to remove safety requirements surrounding the storage of guns by individuals caring for foster children.

Street Knowledge with Chris Graham: Seven new planets in the neighborhood

Chris Graham talks with Virginia Tech professor Scott King about the NASA announcement of seven earth-like planets 39 light-years away.

Survey: What do Waynesboro residents think?

Residents think Waynesboro is a good place to live, raise children and retire, and that the city does a good job with police, fire and rescue.

Waynesboro High School student arrested for threats

The Waynesboro Police Department has charged a 16-year-old for communicating threats to Waynesboro High School.

Salvation Army thrift store closing: Tough decision, but right one

The Waynesboro Salvation Army thrift store on Arch Avenue has been consistently losing money in recent years.

Three trends to watch in the 2017 real estate market

Nobody has a crystal ball to know exactly what the future holds for the real estate market.

Fishburne Military School announces MacArthur Award Winner

Fishburne Military School announced the recipient of the 2017 General Douglas MacArthur Award for Leadership.

Augusta County man charged in weekend gun incident in Waynesboro

The Waynesboro Police Department has charged an Augusta County man after an early Saturday morning altercation erupted in gunfire near a city restaurant.

McAuliffe vetoes bill defunding Planned Parenthood

Governor Terry McAuliffe vetoed a bill that would restrict state and federal funding for women’s health providers like Planned Parenthood.

Fishburne Military School wrestlers advance to national championships

The Fishburne Military School wrestling team had an exceptional weekend at the VISAA State Wrestling Tournament.

 
Recent News
 

Your One-Stop Media Shop

Augusta Free Press LLC provides clients in the Shenandoah Valley and Central Virginia and beyond with marketing and PR solutions including web design, magazine/brochure, TV/radio, social media and overall marketing campaign design and implementation.
  • Web Design

    You want a new website, but don’t have the first clue as to how to build one. That’s our job. We take care of all facets of web design – visual design, layout design and content development. Get your business online for as little as $1,299.
    Learn more about AFP Web Design services.
  • Graphic Design

    The staff at Augusta Free Press Publishing has been recognized by the Virginia Press Association for excellence in layout and design. Whether you need a fresh business card design, rack card, ad, flyer or full magazine design, we can help with all your graphic-design needs.
    Learn more about AFP Graphic Design services.
  • Marketing

    Augusta Free Press manages advertising campaigns for small- and medium-sized businesses across Virginia. You don’t need to hire a full-time marketing coordinator. Bring the experience of the Augusta Free Press team to work for you – for a fraction of the cost.
    Learn more about AFP Marketing services.