Va. Ends FY '12 with $129M Surplus

By: (AP) Email
By: (AP) Email

July 30, 2012

Virginia's government finished the 2012 fiscal year last month collecting about $129 million more in revenue than the official forecast on which the budget was based.

Gov. Bob McDonnell will discuss the final revenue report later Monday.

In an Associated Press interview, Finance Secretary Ric Brown said revenues for the 12 months ending June 30 increased by 5.4 percent over the previous fiscal year, ahead of forecast growth of 4.5 percent.

Individual withholding, the tax most people pay on their wages, finished about $33.7 million ahead of expectations. Sales tax collections added $55 million to the surplus, and corporate income taxes were $32 million better than expected.

Nonwithholding income taxes collected on dividends and by the self-employed were down slightly, but the state paid out less in refunds.


The comments sections of Newsplex.com are designed for thoughtful, intelligent conversation and debate. We want to hear from our viewers, but we ask that you follow our rules for commenting. E-mail is required to comment on a story, but it will not be displayed with your comment. For complete rules, CLICK HERE. The Newsplex reserves the right to not post or to remove any comment.
powered by Disqus
The Charlottesville Newsplex 999 2nd Street S.E. Charlottesville, VA 22902 434.242.1919 – Main 434.220.7522 - Newsroom
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 164281086 - newsplex.com/a?a=164281086
Gray Television, Inc.