Governor McAuliffe announced today that October General Fund revenue fell 5.1% from the previous year. One less deposit day for payroll withholding compared with last year and corporate refunding activity contributed to the decrease. On a fiscal year-to-date basis, total revenue collections rose 0.5 percent, ahead of the annual forecast of a 0.1 percent decline.
"While this month's revenue decline is mainly reflective of one less collection day and an uptick in corporate refunds, I am encouraged by increases in our sales and recordation taxes, which indicate that Virginians are buying homes and products," said Governor McAuliffe. "I am proud of the success we are having building a new Virginia economy and I look forward to releasing a budget and legislative agenda that will strengthen those efforts."