October Revenue Collections Increased By More Than 15%

Virginia’s October revenue collections were up by over 15% with much of the increase attributed to growth in payroll withholding and sales tax collections. On a fiscal year-to-date basis, total revenue collections were up by close to 12% compared to the annual forecast of an 8% decrease. The Governor’s Advisory Council on Revenue Estimates will meet on November 22 to evaluate economic recommendations from the Joint Advisory Board of Economists and also go over revenue collections through October.