Governor Northam announces December revenue increase for fifth consecutive month
General Fund revenue collections increased 19.2% from the previous year and 14.1% fiscal-year-to-date
RICHMOND, Va. (WWBT) - In an announcement on Wednesday, Governor Ralph Northam announced that total general fund revenues rose 19.2 percent in December - the fifth month straight of double-digit revenue growth in the Commonwealth.
Northam reflected on December’s revenue growth.
“As I close out my term as Governor, I’m proud to be leaving the next administration with the strongest economy in Virginia history,” Northam said.
“We have governed with fiscal responsibility and compassion for all Virginians—and with five straight months of double-digit revenue growth, record job creation, and historic investments in Virginia families, the results speak for themselves. I look forward to this tremendous progress continuing in Virginia.”
In a release, Northam’s office said total revenue collections rose 14.1 percent through December - ahead of the annual 4.2 percent forecast.
As for collections of payroll withholding taxes rose 11.7 percent.
Northam’s office says fiscal-year-to-date, payroll withholding collections have increased 10.3 percent - which is ahead of the annual estimate of 5.9 percent growth.
Also, collections of sales and use taxes have risen 14.8 percent, ahead of the annual estimate of 6.3 percent growth.
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