Middle Neck News

February 2022 General Fund Revenue Collections Support Revised Forecast

Governor Glenn Youngkin’s office announced the Commonwealth’s general fund revenues fell 1.2% in February compared to last year’s unusually large number, as more refunds were issued due to last year’s delayed opening to the refund-processing season. On a fiscal year-to-date basis, total revenue collections rose more that 13-1/2% which is well ahead of the annual forecast. Payroll withholding taxes decreased just over 1% percent while sales and use taxes collections rose close to 8%.

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