Through May, fiscal year-to-date revenue collections in the state are running 2.1% ahead of last year, slightly higher than the 2% official state forecast.
In a recent memorandum to state legislative leaders, Virginia Finance Secretary Paul W. Timmreck said, "Prospects for achieving the official revenue estimate continue to remain good." Virginia's fiscal year ends next Tuesday.
Though the fiscal year-to-date growth in May was lower than the 3.7% growth the state posted in April, Mr. Timmreck emphasized in his memo that the change was not unexpected.
He noted that in May 1991, the state realized a "one-time spike" in payments, and for year-to-date collections to have remained at the 3.7% level, "a similar spike would have to have occurred this year. It did not."
Mr. Timmreck said that to achieve the official estimate, total revenues for June much reach $645.4 million, compared with the $640 million collected last year.
