State revenues up 1.7 percent in August, 7.7 percent for 2014

recessionbusters-headerGovernor Terry McAuliffe announced today that August General Fund revenue increased 1.7% from the previous year. On a fiscal-year-to-date basis, total revenue collections rose 7.7% compared with the same period last year, well ahead of the revised annual forecast of 2.7% growth.  The main drivers of the revenue increase were the individual income tax and sales tax, while collections fell in recordation taxes.

“These numbers are an encouraging sign,” said Governor McAuliffe. “However, there is still much work to be done to offset the revenue shortfall in the current budget. We face challenges as a Commonwealth, but if we work together we can build a new Virginia economy that is stronger and less dependent on external forces.”

September collections will complete the first quarter of fiscal year 2015 and provide a clearer assessment of revenue growth.  The first estimated quarterly payments from individuals, corporations and insurance companies are due in September.

Despite one less deposit day than August of last year, collections of payroll withholding taxes increased 1.7% in August.  Collections of sales and use taxes, reflecting July sales, rose 4.5 % in August.  Corporate income tax collections decreased 38.1% from last year.  Finally, recordation taxes from real estate transactions were down 5.7% which is an improvement from the previous 10 consecutive months of double-digit declines.

On a year-to-date basis, collections of payroll withholding taxes – 64% of General Fund revenues — increased 5.3%, ahead of the annual forecast of 2.7% growth.  Sales tax collections – 19% of General Fund revenues – increased 5.3% through August, ahead of the annual forecast calling for a 2.8% increase.  Adjusting for the accelerated sales tax program and the 0.125% sales tax transfer for transportation required by the provisions of HB 2313, total revenues are up 7.2% through August, ahead of the adjusted forecast of 2.9% growth.

To view the revenue report click here for the letter and here for the summary.



augusta free press
augusta free press news

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.

AFP Business

As professional consultants, Augusta Free Press LLC provides clients in the Shenandoah Valley and Central Virginia and beyond with marketing and PR solutions including website design, SEO, TV/radio, video work, branding and logos, social media and overall marketing campaign design and implementation. Augusta Free Press LLC was founded in 2002.

Web Design

Augusta Free Press has designed more than 800 websites for clients in the Shenandoah Valley and Central Virginia. We take care of all facets of web design – visual design, layout design, content development and SEO. Short on staff? We’ll work with you to update your AFP-designed website in a timely manner or train your staff to make changes.

Marketing/Social Media Management

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.

Graphic Design

Augusta Free Press will help you take your vision to the next level. From branding and logos to print materials, our team will work with you to develop products to showcase your business. From brochures and rack cards to full-color magazines or print/digital ads, we’ve got you covered.

Event Planning/Fundraising

Augusta Free Press will help you plan the best event for your organization. From an open house or anniversary to a 5K or Pay Per View, we can handle it all. Looking for training for your sales staff? We can help energize your employees or board. Need ideas to raise more money? Let us help you plan a successful event. Want to hold a news conference or need help with a press release? We can do that too.

Click here for more.