Virginia August revenue report shows slight decrease, but some collections remain steady

Virginia

RICHMOND, Va. (WAVY) — A Virginia state revenue report for August shows a slight decrease compared to last year, but some collections remained optimistically steady.

The general fund revenue collections decreased .2 percent over the previous year, the governor’s office announced Thursday.

“Despite trying economic conditions, collections from payroll withholding and sales taxes remained steady,” said Gov. Ralph Northam. “We look forward to September’s receipts, which will provide more insight into Virginia’s financial picture.”

Collections of payroll withholding taxes decreased 4 percent in August, but there is one less deposit day than August 2019.

Collections of sales and use taxes also grew 1.2 percent in August, reflecting sales in July.

Recordation taxes from real estate transactions increased by 31.3 percent.

“September collections will complete the first quarter of fiscal year 2021,” said Secretary of Finance Aubrey Layne. “Close to $250 million of July’s collections were from individual and corporate income tax payments that were originally due June 1. September receipts will provide a much clearer assessment of fiscal year 2021 collections and trends.”

Year-to-date:

  • Ccollections of payroll withholding taxes—64 percent of General Fund revenues—were down 1.9 percent, below the annual estimate of a 2.4 percent increase.
  • Sales tax collections—16 percent of General Fund revenues—grew 15.0 percent year-to-date, ahead of the forecast of a 9.7 percent decline.
  • On a fiscal year-to-date basis, total revenue collections rose 11.6 percent in August, above the annual forecast of a 1.8 percent decline.

The full report is available here.


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