Report: State posts 4.9 percent revenue increase in December
Gov. Bob McDonnell announced on Friday that total general fund revenue collections rose by 4.9 percent in December. The gains were primarily due to strong collections in corporate income tax payments. With the upward revision in December, total general fund revenues are now projected to grow by 3.6 percent in fiscal year 2013.
On a year-to-date basis, total revenue collections rose 3.5 percent through the first half of the fiscal year, close to the annual forecast of 3.6 percent growth. Adjusting for the accelerated sales tax program, total revenues grew 3.0 percent through December, trailing the adjusted forecast of 3.4 percent growth.
“Working together across party lines we have posted three straight budget surpluses,” McDonnell said. “We’ve done that by setting priorities and making government live within its means. Given mixed economic indicators and ongoing uncertainty in Washington, it is imperative that we stick to a conservative, responsible fiscal path during this session of the General Assembly, and in the years ahead.”