WASHINGTON, Feb 11 (Reuters) - 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.”