WASHINGTON Feb 11 Virginia's revenues spiked
19.5 percent in January, putting the state well ahead of its
projections for growth for the current fiscal year, the governor
said on Monday.
For the first seven months of the fiscal year, that begins
July 1, revenues increased 6.2 percent from the same period the
year before. In drafting the budget, the state legislature had
expected 3.6 percent growth for the year. Virginia's budget
years begin in July.
Virginia came out of the 2007-09 recession better than most
states and entered the recovery quickly, largely due to
contractors and others in the state who work closely with the
nearby U.S. capital. For almost every month in 2012, the state
saw its revenues rise, but December's increase was a much
smaller 4.9 percent from the year before.
The jump in January was partly due to technicalities - there
was one extra deposit day in the month and electronic filing for
tax refunds were delayed. Individual's nonwithholding payments
were due Jan. 15, as well.
"January is a significant month for revenue collections,"
wrote Virginia Secretary of Finance Ric Brown in his monthly
revenue letter. "Individual estimated payments, sales taxes on
December sales, and corporate income taxes from large retailers
are due in January."