- Associated Press - Wednesday, February 15, 2017

RICHMOND, Va. (AP) - Virginia tax revenues surged last month, but Gov. Terry McAuliffe cautioned against assuming that the state’s recent revenue swoon is over.

The Richmond Times-Dispatch (https://bit.ly/2kRupCg ) reports McAuliffe announced Monday that revenues rose 7.4 percent in January over the previous January. He also says collections for the first seven months of the fiscal year are up 4.6 percent and ahead of the annual forecast revised in the face of last year’s shortfall.

Despite the good news, officials say the improved outlook will not result in increased budget spending.

Last year, budget officials were caught off guard when payroll withholding grew more slowly than expected, primarily because lower-paying jobs replaced high-wage jobs that were lost in northern Virginia and other parts of the state especially vulnerable to cuts in federal spending.

___



Information from: Richmond Times-Dispatch, https://www.timesdispatch.com

Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2019 The Washington Times, LLC.

Please read our comment policy before commenting.

 

Click to Read More and View Comments

Click to Hide