State revenues grow, even as economy slows

Published: Oct. 18, 2022 at 7:19 PM EDT
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RICHMOND, Va. (WDBJ) - State revenues continued to grow in the first quarter of the budget year, even as the economy slowed.

Virginia Secretary of Finance Steve Cummings briefed members of the Senate Finance and Appropriations Committee Tuesday morning.

Revenues were up more than seven percent through September, but Cummings warned that economic indicators increasingly point toward a period of recession.

“The storm clouds are getting closer, and I think more troubling for everybody on what might lay ahead,” Cummings told the committee members. “So we’re obviously watching that very closely.”

Members of the committee also learned the state has issued almost 2.8 million tax rebates, with about 400,000 to go.