August Revenue Up Almost 19%

Northam Administration Expects Growth to Continue
State Capitol
State Capitol Photo credit Matt Demlein, WRVA

Richmond, Va. (Newsradiowrva.com) - The Northam Administration says General Fund revenue was up almost 19% in August, compared to August 2020. August is not traditionally a major month for revenue collection.

The Northam Administration says withholding taxes were up almost 13 percent, and sales and use taxes, over 20 percent. There was one more collection day this year. However, they believe it is a sign growth will continue.

Virginia ended the last fiscal year with an over two billion surplus. September's numbers will provide a much better picture of the current fiscal year as it will conclude the first quarter.