Va. revenues dip in Sept., 3rd decline since June
Posted: 1:18 pm Thu, October 11, 2012
RICHMOND, Va. — Virginia’s general tax collections for September declined, leaving actual revenues behind a budgeted forecast for modest growth one quarter into the state fiscal year.
September’s 0.7 percent drop is the third monthly decline in the past four months and the fourth since December in the fund that covers core state services such as public safety, health care and education.
The recent rough patch follows 16 consecutive months of growth through last November.
That puts year-to-date general fund collections after three months 1.3 percent ahead of revenues at the same point last year. But budgeted state spending is based on a growth forecast of 2.9 percent.
Finance Secretary Ric Brown said poor corporate tax collections aggravated by two fewer deposit days last month than in February of 2011 are to blame.
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