State revenues are up. Just how much they’re up depends on how you want to slice and dice the figures.
General fund revenue collections rose 8.3 in May over a year ago. But there was an extra deposit day last may compared to May of last year.
On a year-to-date basis, total revenue collections rose 6.2 percent.
Adjusting for the accelerated sales tax program, which requires retailers to pay sales tax a month early, total revenues grew 5.9 percent.
The overall 8.3 percent growth rate in May was below the 10.6 percent growth rate achieved in April.
“Virginia’s recovery continues to demonstrate why this is the best state in the nation in which to do business and live the American Dream,” Gov. Robert F. McDonnell (R) said in a prepared statement. “Our falling unemployment rate, down to its lowest point in over three years, and recent positive news about state revenues, are a result of the common-sense policies we’ve enacted here in Richmond, and, more than anything else, the innovation, talent and skill of the incredible people of this state.
“To continue growing our economy we must continue taking every step possible to help the private sector create more good jobs for our citizens,” McDonald said. “We will continue to pursue pro-free market policies in Richmond that help our private sector entrepreneurs and leaders grow and expand and innovate. That is how we will get our economy back on track, and Virginians back to work.”