Virginia state revenues up 8.7 percent in January

virginia general assembly

Photo Credit: traveler1116/iStock Photo

January General Fund revenues for the Commonwealth of Virginia were up 8.7 percent from the previous January.

Besides the normal monthly payroll withholding and sales tax collections, estimated payments from individuals are due in January. Collections of payroll withholding taxes grew 5.2 percent for the month. Collections of sales and use taxes, reflecting December sales, rose 9.9 percent in January. The combined December and January receipts was 7.7 percent above the same period last year, reflecting the bulk of the holiday shopping season.

December and January also are significant months for collections of nonwithholding, and receipts can be distorted by the timing of payments. Taxpayers had until January 15 to submit their fourth estimated payment for tax year 2019, and some of these payments are received in December. Receipts of nonwithholding for the two-month period of January-December increased 15.2 percent from last year. Collections of corporate income taxes were $29.8 million in January, compared with receipts of $23.2 million in January of last year.

“Our strong economy is generating growing revenues to fund services that Virginians expect, from public schools to salaries for public workers and much more,” Gov. Ralph Northam said. “This growth is encouraging, and we need to continue the economic momentum that enables investments in Virginia’s future.”

On a fiscal year-to-date basis, total revenue collections rose 8.4 percent through January, ahead of the forecasted 1.9 percent growth. Year-to-date, withholding collections are 5.7 percent ahead of the same period last year, above the annual estimate of 4.7 percent growth.

On a year-to-date basis, sales tax collections have risen 8.4 percent, ahead of the annual estimate of 6.0 percent growth. Nonwithholding collections for the first seven months of the fiscal year grew 18.1 percent, ahead of the annual estimate of a 7.7 percent decrease. On a fiscal year-to-date basis, corporate income tax collections rose 19.7 percent through January, ahead of the annual forecast of 2.2 percent growth.

The full report is available 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.