Subscribe
Advertisement
  • Subscribe To The Enterprise
  • Contact Us
Subscribe For $2.50/Month
Print Editions
The Enterprise
  • News
    • Local
    • Sports
    • Business
    • Education
    • Family
    • Community Calendar
    • Neighborhood News
    • State News
    • National News
  • Obituaries
  • Spiritual
    • Southern Baptist
    • Parabola
    • Transcendental Meditation
    • The Episcopal Diocese of Virginia
  • eEnterprise
  • Legals
  • Contact
  • Account
  • Login
  • FAQ
No Result
View All Result
  • News
    • Local
    • Sports
    • Business
    • Education
    • Family
    • Community Calendar
    • Neighborhood News
    • State News
    • National News
  • Obituaries
  • Spiritual
    • Southern Baptist
    • Parabola
    • Transcendental Meditation
    • The Episcopal Diocese of Virginia
  • eEnterprise
  • Legals
  • Contact
  • Account
  • Login
  • FAQ
No Result
View All Result
The Enterprise
No Result
View All Result

Revenue collections increased 15.6 percent last month

Enterprise by Enterprise
November 17, 2021
in Local
0
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

General fund revenues grew 15.6 percent in October, driven by an impressive growth in payroll withholding and sales tax collections, according to Gov. Ralph Northam.

“We are excited to see increased revenue collections once again,” said Northam. “This continued growth is a reflection of the Commonwealth’s responsible fiscal management—our smart investments continue to pay off for Virginians.”

Collections of payroll withholding taxes grew 9.8 percent in October. Collections of sales and use taxes, reflecting September sales, rose 12.2 percent in October. Collections of wills, suits, deeds, and contracts were $55.8 million in October, compared with $59.9 million in October of last year, a 6.8 percent decrease and the first decrease in 14 months.

“Despite strong headwinds during the first quarter of fiscal year 2022 due to the Delta variant, supply chain issues and inflationary pressures, October’s positive revenue growth continues to demonstrate Virginia’s economy is on a solid path toward recovery,” said Secretary of Finance Joe Flores.

On a fiscal year-to-date basis, total revenue collections grew 11.8 percent, ahead of the annual forecast of an 8.0 percent decrease. Collections of payroll withholding taxes—62 percent of General Fund revenues—increased 9.7 percent, ahead of the annual forecast of 1.7 percent growth. Sales tax collections—17 percent of General Fund revenues—increased 15.4 percent through October, ahead of the annual forecast calling for a 4.2 percent decline.

The Joint Advisory Board of Economists met on October 13 to assess recent economic developments and the economic outlook for the current and next biennium. The Governor’s Advisory Council on Revenue Estimates will meet on November 22 to evaluate both the Joint Advisory Board of Economists’ economic recommendations and revenue collections through October. The Governor’s Advisory Council on Revenue Estimates members’ recommendations will be incorporated into the general fund revenue forecast to be released on December 16 when the Governor meets with the General Assembly money committees.

Sign up for our free newsletter

Enter your email address to join our weekly newsletter.

You will receive a confirmation email for your subscription. Please check your inbox and spam folder to complete the confirmation process.
Some fields are missing or incorrect!
Lists
Previous Post

Holiday Pops Concert returns Dec. 5

Next Post

Black bear fall feeding frenzy underway

Next Post
Black bear fall feeding frenzy underway

Black bear fall feeding frenzy underway

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Subscribe To Our Newsletter

Sign up now to get weekly top stories, eEdition notifications, deals and more from The Enterprise right to your inbox.
  • Subscribe
  • Contact The Enterprise
  • eEnterprise
  • My Account

  • Login
Forgot Password?
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.
body::-webkit-scrollbar { width: 7px; } body::-webkit-scrollbar-track { border-radius: 10px; background: #f0f0f0; } body::-webkit-scrollbar-thumb { border-radius: 50px; background: #dfdbdb }
No Result
View All Result
  • News
    • Local
    • Sports
    • Business
    • Education
    • Family
    • Community Calendar
    • Neighborhood News
    • State News
    • National News
  • Obituaries
  • Spiritual
    • Southern Baptist
    • Parabola
    • Transcendental Meditation
    • The Episcopal Diocese of Virginia
  • eEnterprise
  • Legals
  • Contact
  • Account
  • Login
  • FAQ