RICHMOND, Va. (WAVY) — On Wednesday, Governor Northam announced that Virginia’s total general fund revenues rose 19.2 percent in December. That is the fifth straight month the Commonwealth has seen double digital 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,” said Governor Northam. “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.”
Northam’s office said total revenue collections rose 14.1 percent through December. That was ahead of the 4.2 percent growth that was expected.
Collections of payroll withholding taxes rose 11.7 percent in December.
“November represents the beginning of the holiday shopping season, and we will have a clearer assessment of holiday sales after receiving December sales tax payments due in January,” said Joe Flores, Secretary of Finance. “As our economic momentum continues, January nonwithholding payments will also give us a better indication of taxpayer behavior for calendar 2021 tax returns.”
Fiscal-year-to-date, payroll withholding collections have grown 10.3 percent, ahead of the annual estimate of 5.9 percent growth. In addition, collections of sales and use taxes have risen 14.8 percent, ahead of the annual estimate of 6.3 percent growth