Virginia Posts 20.5% Revenue Increase in May

June 13, 2013

Governor Bob McDonnell announced Thursday that May revenue collections increased by 20.5 percent from May of last year.

On a year-to-date basis, total revenue collections rose 6 percent through May, ahead of the annual forecast of 3.6 percent growth.

To meet the state’s budget forecast, collection of $1.7 billion will be needed in the month of June. Last year, the Commonwealth collected $1.9 billion in the final month of the fiscal year.

The increase in May revenue was driven by a major increase in individual non-withholding payments. These payments increased by 74.7 percent for the month, rising to $776.1 million, compared to $444.2 million last year.

In other areas, sales and use tax collections grew 2.7 percent for the month. Individual income tax withholding fell 1.8 percent.

“Revenue is up; unemployment is down. This is more good news for Virginia’s economy,” said Governor McDonnell. “We are budgeting conservatively, setting priorities in state spending, and investing wisely in the core functions of state government, like transportation and education, that are crucial to helping the private-sector create good paying jobs for our citizens.”

The May revenue numbers are available at this website.

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