Virginia revenue ahead of projections, below last year’s numbers

Virginia’s general revenues through October were ahead of the state’s annual forecast, but the collections are below the revenue numbers from the same time last year.

October’s revenue collections were 6.7% higher than September, exceeding the sate’s projected 1.8% decline. The numbers were 2.7% below October 2019 revenue collections. Payroll withholding taxes, which account for nearly two-thirds of the state’s revenue, were up 0.4%, and sales tax collections, which account for 16% of revenue, increased by 7.8%.