RICHMOND, Va. (AP) — Virginia tax collections increased slightly in August.
Gov. Terry McAuliffe said Friday that general fund revenues were up 1.7 percent from August of 2013. He says that’s an encouraging sign, but cautions that August is not a significant month for revenue collections.
The governor says September collections will complete the first quarter of the fiscal year and provide a better picture of revenue growth.
Last month’s increase was driven by the individual income tax and the state sales tax. Payroll withholding taxes make up nearly two-thirds of general fund revenues, and they increased by 1.7 percent.
The sales tax accounts for nearly one-fifth of the general fund. It increased by 4.5 percent.
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