Governor Bob McDonnell announced today that total general fund revenue collections rose by 4.9 percent in December. The gains were primarily due to strong collections in corporate income tax payments. With the upward revision in December, total general fund revenues are now projected to grow by 3.6 percent in fiscal year 2013.
On a year-to-date basis, total revenue collections rose 3.5 percent through the first half of the fiscal year, close to the annual forecast of 3.6 percent growth. Adjusting for the accelerated sales tax program, total revenues grew 3.0 percent through December, trailing the adjusted forecast of 3.4 percent growth.
Speaking about the revenue report, Governor McDonnell said, "Working together across party lines we have posted three straight budget surpluses. We've done that by setting priorities and making government live within its means. Given mixed economic indicators and ongoing uncertainty in Washington, it is imperative that we stick to a conservative, responsible fiscal path during this session of the General Assembly, and in the years ahead."
The Governor continued, "Although we have made progress in reducing the unemployment rate from 7.3% in January 2010 to 5.6% today, it is important to remember that far too many Virginians are still out of work or underemployed. We have a duty to help all Virginians gain access to the good jobs they need and deserve. To do that, we must continue to set priorities in state spending, while creating an economic environment in Virginia that allows the private sector to expand and create those good-paying jobs in every city and county in the Commonwealth."
The December revenue numbers are available at this link: http://www.finance.virginia.gov/KeyDocuments/RevenueReports/FY2012-2013/2013ReportsList.cfm