RICHMOND— (Press Release) Governor Northam announced today that September General Fund revenue increased 4.0 percent from the previous year—largely due to payroll withholding taxes, nonwithholding, and sales tax collections.
The Governor also stated that September completes the first quarter of fiscal year 2019 and is a significant month for revenue collections. Estimated payments from individuals, corporations, and insurance companies are all due in September, along with regular monthly collections in withholding, sales taxes, and other sources.
“The positive trends in this report indicate that our approach to growing and diversifying Virginia’s economy is working,” said Governor Northam. “We have worked to strengthen our reserves, and as we move into Virginia’s next budget period, I’m committed to managing our revenues to continue our progress and ensure that our Commonwealth can sustain long-term economic growth for years to come.”
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