RICHMOND: State revenues fell 6.7 percent in April compared with the same month a year ago, raising concerns about whether the state would meet its forecast for tax collections in the fiscal year that will end June 30. Total revenues have risen 1.3 percent for the first 10 months of the fiscal year, compared with an annual forecast of 3.2 percent.
“It’s going to be highly unlikely that we meet our revenue projections,” said House Appropriations Chairman Chris Jones, R-Suffolk, who is most concerned about sluggish growth in income taxes collected through payroll withholding — almost two-thirds of state revenues. Gov. Terry McAuliffe said he is “disappointed in the weak results for the first month of the quarter given the strong job growth in the Virginia economy.”
