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Virginia tax coffers continue to overflow; surplus expected
By Associated Press | Published Jun. 14, 2021 12:50 p.m.
RICHMOND, Va. (AP) — Virginia state government continues to bring in more revenue than expected, with a new report showing the state has brought in more than 98 percent of its anticipated annual revenue with a full month remaining in the fiscal year.
The monthly revenue report issued Friday by Virginia Secretary of Finance Aubrey Layne shows that through the first 11 months of the fiscal year, the state has brought in $21.97 billion in revenue.
Projected revenue for the entire fiscal year, which ends June 30, is $22.32 billion.
That puts the state on course for a revenue surplus exceeding $1 billion.
May revenue was up 66 percent over May 2020. That’s largely because the state income tax deadline this year was May 17. Last year the deadline was pushed back to June 1.
In a press release Friday, Gov. Ralph Northam celebrated the news as a sign of a strong economy. He also announced that Deputy Secretary of Finance Joe Flores will take over as secretary beginning July 1, when Layne is scheduled to leave his post for the private sector.
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