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Thursday, May 13, 2010

Virginia Posts Consecutive Months of Revenue Growth

Virginia Posts Consecutive Months of Revenue Growth



FOR IMMEDIATE RELEASE
May 13, 2010

Contact: Stacey Johnson
Phone: (804) 225-4260
E-mail: Stacey.Johnson@Governor.Virginia.Gov


For First Time in Two Years, Virginia Posts Consecutive Months of Revenue Growth

Governor McDonnell Announces April General Fund Revenue Collections Increase by .4%; March Collections Increased by 3%


RICHMOND - Governor Bob McDonnell announced today that Virginia has posted back to back months of revenue growth, marking the first time in two years the Commonwealth has achieved this result. The last time Virginia had back to back increases in monthly revenue collection was March-April 2008. April 2010 revenue collections outpaced April 2009 by .4%. March 2010 revenue collections outpaced March 2009 by 3%. Corporate income tax posted a strong gain in April, +38.7%, and collections of sales and use taxes saw the highest monthly growth, +7.3%, since May 2008, excluding the one-time surge in sales tax collections in December 2009 that resulted from Virginia’s tax amnesty program.


Speaking about the April revenue numbers, Governor McDonnell remarked, “Although the increase in total revenue is modest, two consecutive months of growth represents a significant improvement in the trend for general fund revenue collections. Today’s news can be seen as a small indicator that some positive developments are taking place in our overall economy. However, we have a long way to go before we emerge from one of the deepest and most persistent economic downturns in our history. Unemployment is far too high, and Virginians are struggling to make ends meet, provide for their families and manage their businesses. We will continue to focus on putting in place pro-growth policies that encourage job creation and help get Virginia’s economy firmly back on track.”


The April revenue numbers are available at this link:
http://www.finance.virginia.gov/KeyDocuments/RevenueReports/FY2009-2010/2010ReportsList.cfm