Va. Posts 4.8% Revenue Decrease in August

The decrease in August revenue was mainly caused by a 5.5 percent decline in individual withholding payments.

CBS / AP

Sept. 12, 2013

The Office of Governor Bob McDonnell announcing that August revenue collections decreased by 4.8 percent from the same time last year.

The Governor’s Office says August is not a significant month for revenue collections.

The decrease in August revenue was mainly caused by a 5.5 percent decline in individual withholding payments. Officials were expecting the reduction in payments since there was double-digit growth in withholding collections for July.

Speaking about the August numbers, Governor Bob McDonnell noted, “Virginia’s overall revenue picture continues to be positive. We are running ahead of projections on a year-to-date basis, and we continue to make sound investments in areas like transportation, higher education, economic development and the Rainy Day Fund that are crucial to both the fiscal stability of state government and the growth of the private-sector.”

The August revenue numbers are available at the link below.


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