The Richmond Times-Dispatch is reporting that Virginia’s general fund revenues have seen a 4.4 percent increase in October compared to October 2013. This can be mainly contributed to the growth of payroll withholding, says the McAuliffe administration.
Total revenue collections increased by 6.1 percent, well above the projected forecast of 2.9 percent.
The McAuliffe administration said that all other major sources also “contributed positively to growth. However, the also said that October is not a significant month for revenue collection.
Usual monthly collections come in through withholding, sales tax and most minor sources. Last month, collections of net individual income tax rose 6.7 percent from the same time last year, almost doubling the estimated 3.4 percent growth.