McDonnell: Revenue Rising

Gov. Bob McDonnell announced Tuesday that Virginia’s revenue collections rose 10.6% in April.

So far this fiscal year, total revenue collections are 5.9% ahead of the revised annual forecast of 4.6% growth.

April revenue gains compared to a year ago were driven by strong individual receipts, with all major sources contributing to the growth, officials said.

Individual income tax withholding rose 2.4%, sales and use tax collections were up 1.4%, and corporate income taxes rose 1%.

McDonnell said the state must double efforts to ensure government is running at peak efficiency, and continues to aggressively pursue new business investments and job-creation strategies.

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