August general fund revenue collections up 0.3%


Photo Credit: niroworld

Gov. Ralph Northam announced today that August General Fund revenue increased 0.3 percent from the previous year.

“Although August is not a significant month for revenue collections in many sources, the continued strength in payroll withholding and sales taxes in the first two months of the fiscal year reflect that the Virginia economy is still growing,” said Northam.

Collections of payroll withholding taxes decreased 3.2 percent in August—due to one less deposit day than a year ago. Collections of sales and use taxes, reflecting July sales, grew 12.9 percent in August. Furthermore, recordation taxes from real estate transactions increased by 15.2 percent.

“Most of the gain in sales tax collections can be attributed to a 44 percent increase in use tax receipts as numerous Internet companies registered as sales and use tax dealers,” said Secretary of Finance Aubrey Layne. “This is directly related to the anticipated increase in Wayfair-related revenues in the official revenue forecast.”

September collections will complete the first quarter of fiscal year 2020 and provide a clearer assessment of revenue growth. The first estimated payments from individuals, corporations, and insurance companies are due in September.

On a year-to-date basis, collections of payroll withholding taxes—63 percent of General Fund revenues—were up 7.0 percent, above the annual estimate of 4.2 percent growth. Sales tax collections—17 percent of General Fund revenues—grew 7.0 percent year-to-date, ahead of the forecast of 4.2 percent growth. On a fiscal year-to-date basis, total revenue collections rose 7.3 percent in August, above the annual forecast of 1.2 percent growth.

The full report is available here.

UVA Basketball Fans!

uva basketball team of destiny
Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, by Jerry Ratcliffe and Chris Graham, is available for $25. The book, with additional reporting by Zach Pereles, Scott Ratcliffe, and Scott German, will take you from the aftermath of the stunning first-round loss to UMBC in 2018 through to the thrilling overtime win over Texas Tech to win the 2019 national title, the first in school history.

Dick Vitale on Team of Destiny: “This is a hoops story you will LOVE! Jerry and Chris capture the sensational and dramatic championship journey by Tony Bennett and his tenacious Cavalier team. UVA was Awesome Baby and so is this book!”

Ralph Sampson on Team of Destiny: “Jerry and Chris have lived and seen it all, even before my time. I highly recommend this book to every basketball fan across the globe. This story translates to all who know defeat and how to overcome it!”

Buy here.

augusta free press
augusta free press news