RICHMOND, Va. (WAVY) — The Virginia Governor’s Office says April revenue collections exceeded forecasts.
The revenue collections grew 45.7% over April 2021, the governor’s office said in a news release.
Total revenue collections rose 19% through April, which is ahead of the annual forecast of 9.2% growth.
Payroll withholding and sales tax collections also grew 4.8% and 8.4% in April.
The steady revenue growth is supported by a steady economy and recent job growth in the state.
Between January and March, the number of employed Virginians rose by 42,000 people. However, Virginia’s drop in employment numbers since the start of the coronavirus pandemic still is among the worst in the county, the release said. More than 170,000 jobs were lost during the pandemic. The state still ranks 47th in the country for jobs recovered since the pandemic.
“Virginia’s economy continues to show encouraging signs of growth. We’re growing jobs, growing paychecks, and more people are joining the workforce,” said Gov. Glenn Youngkin. “This report confirms the strong trajectory forecasted for state revenue and we continue to see mounting evidence that the time is now to cut taxes. Inflation is stealing more money from the paychecks of hardworking Virginians, who are paying near-record prices at the pump and we know there’s plenty of money in the system to reduce taxes and lower the cost of living in the Commonwealth.”
“Much of the extraordinary year-over-year growth in April in non-withholding collections was driven by the change in the federal tax filing date back to April in 2022 versus May in 2021,” said Secretary of Finance Stephen Cummings. “We will need to look at the combined results of April and May compared to last year to know the overall trends in this category. However, general revenue categories unaffected by that timing difference, mainly payroll withholding and sales tax collections, continued their strong growth over the prior year, and this trend speaks to the uptick in jobs, consumer activity and inflation.”
The full Virginia April 2022 revenue report can be found here.