October General Fund Revenues Above Forecasts

Virginia’s General Fund Revenue collections for October exceeded budget forecasts at a 10.3% year-over-year increase. That included the issuance of an additional $88 million in taxpayer rebates. Adjusting for these tax reductions general fund revenues were up 8.3% in the first four months of the fiscal year. Year-over-year growth was driven by growth in payroll withholding, individual income non-withholding collections, and sales and use tax revenues. Growth in sales tax collections primarily reflects the impact of heightened inflation.