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Description: For the third straight year, the Commonwealth of Virginia has reached the end of the fiscal year with a revenue surplus. Governor Bob McDonnell announced today that the state concluded Fiscal Year (FY) 2012 with an approximately $129.2 million surplus from general fund revenue collections and transfers. Total revenue collections rose by 5.4 percent in FY 2012, ahead of the revised revenue forecast 4.5 percent growth. This marks the second straight year that revenue growth has exceeded 5 percent in Virginia. The main drivers of the revenue increase were growth in individual income tax receipts from payroll withholding, lower individual income tax refunds and higher than expected sales and corporate income tax collections.
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Group: Office of the Governor. YouTube Video.
Date: 2012 July 30.
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