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Virginia sees drop in state revenue last month

By Julie Newman
Published On: Apr 11 2013 09:39:39 PM CDT
Updated On: Apr 11 2013 04:34:17 PM CDT
RICHMOND, Va. -

Virginia isn't bringing in as much money right now as it was last year.

Revenue collections in March were 6.1 percent lower than last year.

Last month's decline was largely due to a 42.6 percent decrease in corporate income tax receipts.

This data comes from State Finance Secretary Ric Brown in his monthly report to Governor Bob McDonnell.

But brown says even with last month's decline, revenues for the fiscal year overall have grown by four percent so far, which is slightly ahead of what was projected for the state budget.