April 21, 2013
RICHMOND, Va. (AP) - It looked like a steady rebound for the revenues that keep Virginia's government operating.
For 22 months from August 2010 until last May, every month but one brought revenues greater than those collected in the same month the year before. Seven of them showed double-digit growth.
It was almost enough to make Finance Secretary Ric Brown forget a harrowing 16-month nosedive from August 2008 through November 2009 when every month showed revenue declines.
But as the economy lurches along, Viginia's revenue numbers are sputtering again. Six of the past 12 months have been downers, the worst being March's 6.1 percent general revenue dropoff.
While the budget that expires June 30 might avoid a shortfall, Brown warns that looming federal budget cuts bode ill for 2014.
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