August General Fund Revenues Show Moderate Increase

Virginia’s total unadjusted general fund revenue collections in August grew by 13% percent year-over-year. Officials say these totals exceeded forecasts because of August’s additional deposit day which included payroll withholding taxes remitted by many of Virginia’s large employers. For the month payroll withholding increased by close to 20%. There were 142,000 more Virginians employed in July 2022 than there were in July 2021, an increase of 3.5% year-over-year.

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