Virginia September 2014 general fund revenue collections up 5.3% from 2013

recessionbusters-headerToday, Governor McAuliffe announced that the September General Fund revenue increased 5.3% from the previous year with all major sources contributing to the increase.  This is the first time revenues have increased for three consecutive months since April-June of 2013.  The Governor also stated that September completes the first quarter of fiscal year 2015 and is a significant month for revenue collections. Estimated payments from individuals, corporations, and insurance companies are all due in September, along with regular monthly collections in withholding, sales taxes, and other sources.

“I am pleased to see that our revenue collections are up, however, we must remain cautious because the Commonwealth has only collected about one-quarter of its general fund revenue estimate to date. My administration will continue to take a prudent approach to help ensure that Virginia remains fiscally strong,” said Governor McAuliffe.

On a fiscal year-to-date basis, total revenue collections rose 6.7%, well ahead of the revised annual forecast of 2.9% growth.  The main drivers of the revenue increase were the individual income tax, the corporate income tax, and sales tax.  With an additional deposit day compared with last year, collections of payroll withholding taxes rose 8.3% in September. September is a significant month for collections in non-withholding, since the first estimated payment for fiscal year 2015 is due.  Collections rose 2.8% in September from last year.  Collections of sales and use taxes, reflecting August sales, rose 3.5% in September. As with non-withholding, September is a significant month in corporate income tax collections, since the first estimated payment for the fiscal year is due in September.  Collections of corporate income tax grew 6.9% in September from September of last year.  Finally, collections of wills, suits, deeds, and contracts – mainly recordation tax collections – were $26.4 million in September, compared with $25.9 million in September of last year.  The 1.9% growth in September ended 13 consecutive months of negative growth.

On a year-to-date basis, collections of payroll withholding taxes – 64% of General Fund revenues — increased 6.3%, ahead of the revised annual forecast of 2.7% growth.  Year-to-date non-withholding collections were $427.7 million compared with $372.8 million in the same period last year, rising by 14.7% and ahead of the annual estimate of 6.3% growth.  Sales tax collections – 19% of General Fund revenues – increased 4.6% through September, ahead of the annual forecast calling for a 4.4% increase.  Through the first quarter of the fiscal year, corporate income tax collections have grown 12.4% from the same period last year, ahead of the annual estimate of a 0.9% decline.


Read the full report here.

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.