RICHMOND, Va. (AP) -- Virginia general revenue increased last month by 20.5 percent over May 2012 in one of the year's most significant tax collection months.
A report to Gov. Bob McDonnell says that puts Virginia ahead of its budgeted forecast 11 months through its fiscal year.
Virginia needs to collect $1.7 billion in June to meet its budgeted general revenue target of $16.4 billion and finish the budget year with its balance sheet in the black. It collected $1.9 billion last year.
The May increase was thanks largely to a surge in "nonwithholding" income tax collections, or estimated income tax payments paid largely by the self-employed and on dividends.
Officials say sales and use tax collections grew 2.7 percent for the month while individual income tax withholding fell 1.8 percent.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.