Richmond, VA – According to the statement, the total general fund revenues grew by 0.2 percent for the month versus the same period last year and are up 7.1 percent year-to-date.
Among the major revenue sources, payroll withholding taxes were 3.8 percent higher for the month on an unadjusted basis, compared to last year, and up 2.1 percent year-to-date through December.
Sales tax collections are 1.3 percent lower year-to-date, and corporate income tax revenues are up 14.8 percent year-to-date versus last year.
In comparison to the revenue forecast assumed in the Governor’s amendments to the Fiscal Year 2024 budget and accounting for monthly variations in tax collections, year-to-date total general fund revenues are ahead of projections by $363.2 million.
Excluding nonwithholding and refunds, which continue to be distorted due to the recently enacted Pass-Through Entity Tax, collections are ahead of the forecast by $85.8 million.
