Virginia finance secretary reassures lawmakers on revenues
RICHMOND, Va. (AP) -- Virginia's finance secretary says state revenues will not fall short of its forecast when the fiscal year ends.
Richmond Times-Dispatch reports Secretary Richard D. Brown reassured lawmakers on Thursday that although the state "took a punch in April," Virginia's revenues ended the month about $130 million ahead of the forecast for the fiscal year ending June 30. However, revenues ended April about $185 million less than what was projected at the end of March.
April's biggest problem was a drop of more than 17 percent in income taxes not withheld from payroll but made in estimated payments. Virginia received about 40,000 fewer checks in April than the year before, and the checks were 9 percent smaller.
Brown says Virginia narrowed the gap in May to about 10,000 fewer checks.