March 7, 2014
RICHMOND, Va. (AP) -- Virginia's revenue collections in March were 6.1 percent lower than the same month a year ago.
State Finance Secretary Ric Brown disclosed the latest revenue figures in his monthly report to Gov. Bob McDonnell on Thursday.
Brown says March isn't normally a significant month for revenue collections. And even with last month's decline, revenues this fiscal year have grown by 4 percent through March -- slightly ahead of the projected 3.4 percent increase that was the basis for the state budget.
Last month's decline was largely caused by a 42.6 percent decrease in corporate income tax receipts. Estimated income taxes paid quarterly by the self-employed and investors declined 10.5 percent. Sales tax collections were down 1.9 percent and have now legged below projections five of the last six months.