Virginia’s March revenue collections increased by 12.4 percent over March 2010 figures, Gov. Robert F. McDonnell announced Thursday.
The governor said March was the 12th month out of the last 13 in which state revenue collections exceeded last year´s amount. On a year-to-date basis, total revenue collections have risen 4.9 percent, slightly ahead of the revised annual forecast of 4 percent growth.
Most of the major revenue sources showed growth, with recordation taxes and the taxes on insurance premiums declining for the month.
“For the fifth month in a row, we are seeing revenue growth over 9 percent, clearly indicating that Virginia´s economy is on the path toward recovery,” said Mr. McDonnell, a Republican.
The governor also pointed out that the recovery is fragile, with more than 250,000 Virginians still lacking good-paying jobs and major fiscal challenges with Medicaid and the solvency of the state’s pension systems.