RICHMOND—Governor Ralph Northam today announced general fund revenues grew 15.6 percent in October, driven by an impressive growth in payroll withholding and sales tax collections.
“We are excited to see increased revenue collections once again,” said Governor Northam. “This continued growth is a reflection of the Commonwealth’s responsible fiscal management—our smart investments continue to pay off for Virginians.”
Collections of payroll withholding taxes grew 9.8 percent in October. Collections of sales and use taxes, reflecting September sales, rose 12.2 percent in October. Collections of wills, suits, deeds, and contracts were $55.8 million in October, compared with $59.9 million in October of last year, a 6.8 percent decrease and the first decrease in 14 months.
“Despite strong headwinds during the first quarter of fiscal year 2022 due to the Delta variant, supply chain issues and inflationary pressures, October's positive revenue growth continues to demonstrate Virginia's economy is on a solid path toward recovery,” said Secretary of Finance Joe Flores.