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Virginia: May general fund revenue collections up 4.6% from previous year

Governor Terry McAuliffe today announced that May General Fund revenue collections increased 4.6 percent from a year ago. On a fiscal year-to-date basis, total revenue collections rose 3.7 percent, ahead of the annual forecast of 2.9 percent growth.

revenuesSpeaking to the revenue data, Governor McAuliffe said, “I am pleased to see continued positive revenue growth as our efforts to build a new Virginia economy gain momentum. As we near the end of the fiscal year, my team and I are working every day to bring even more new jobs to the Commonwealth and strengthen the foundation we have laid for long-term economic growth.”

May is a significant month for revenue collections. In addition to collections of withholding and sales taxes, nonwithholding collections consisting of final payments for tax year 2016 and the first estimated payment for tax year 2017 are both due May 1.

Collections of payroll withholding taxes rose 8.2 percent in May, due in part to one additional deposit day relative to a year-ago. Collections of sales and use taxes, reflecting April sales, rose 4.1 percent in May. A total of $588.8 million in nonwithholding receipts were collected in May compared with $556.6 million in May of last year, an increase of 5.8 percent. Collections of wills, suits, deeds, and contracts – mainly recordation tax collections – were $38.4 million in May, compared with $34.3 million in May of last year for growth of 12.0 percent.

On a year-to-date basis, collections of payroll withholding taxes – 63 percent of General Fund revenues — increased 5.1 percent, ahead of the annual forecast of 3.6 percent growth. Sales tax collections advanced 1.6 percent on a fiscal year-to-date basis, behind the annual forecast of 2.8 percent growth.  Individual nonwithholding collections – 16 percent of the General Fund – have decreased 2.2 percent on a year-to-date basis, below the annual estimate. On a fiscal year-to-date basis, total revenue collections rose 3.7 percent in May ahead of the annual forecast of 2.9 percent growth.

 

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