Virginia posts 3.4 percent revenue growth in January

Gov. Bob McDonnell (R) announced on Monday that Virginia’s revenue collections rose 3.4 percent in January over the prior year.

On a year-to-date basis, total collections have risen 4 percent, slightly behind the revised annual forecast of 4.6 percent growth.

The gains were reflected across all major revenue sources except recordation and insurance premiums taxes. These changes over January of last year include collections of payroll withholding taxes, income tax non-withholding, sales and use tax and corporate income taxes.

“Virginia’s economy continues its long-term trend of recovery from the economic challenges of past years, but the growth has slowed and remains subject to many unstable factors,’’ McDonnell said. “The fragile national economy, persistent uncertainty in federal funding, and world and national events demand a conservative, responsible fiscal approach to spending in this budget.”

The state issued its general fund revenue forecast in December, revising total general fund revenues to grow by 4.6 percent in fiscal year 2012.

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