Virginia Faces Second Year of Declining Revenues
Virginia’s tax collections improved in March, but are still behind year-to date forecasts.
State Secretary of Finance Ric Brown says revenue collections were up three percent compared to last March, but the first nine months of the fiscal year were down 4.1 percent, even lower than the forecast of a two percent decline.
Brown: In order to meet the estimate in the budget for the next three months, we would have to collect about $4 billion.
But Brown says that’s not unrealistic, that revenues pour in the last quarter, especially because of the May 1st tax deadline. Problem is, even if we make budget estimates, we’re still losing ground.
Brown: We all gotta realize that when we meet this revenue estimate it is a decline of 2 percent for the year, so it’ll be the second year which Virginia has seen a decline in revenues.
The fiscal year ends June 30th.
Charles Fishburne, WCVE News