Virginia Reports $129M Surplus For Fiscal 2012 | WAMU 88.5 - American University Radio

WAMU 88.5 : News

Filed Under:

Virginia Reports $129M Surplus For Fiscal 2012

Play associated audio
Virginia's budget surplus is due to increased tax receipts, but could take a hit from federal sequestration.
http://www.flickr.com/photos/dborman2/3258378233/
Virginia's budget surplus is due to increased tax receipts, but could take a hit from federal sequestration.

The Commonwealth of Virginia has reported a $129 million budget surplus for the 2012 fiscal year ending last month, as revenues exceeded the official forecast on which the budget was based.   

Finance Secretary Ric Brown says revenues for the twelve months ending June 30 increased by 5.4 percent over the previous fiscal year, according to the Associated Press. Individual withholding, the tax most people pay on their wages, finished almost $34 million ahead of expectations. Sales tax collections added $55 million to the surplus, and corporate income taxes were $32 million more than expected.   

Nonwitholding income taxes collected on dividends and by the self-employed were down slightly, but the state paid out less in refunds.

Gov. Bob McDonnell will address the revenue report on Tuesday.

WAMU 88.5

Capital Fringe Fest's 'Bethesda' Hits Close To Home

The annual Capital Fringe Festival, which aims to bring new energy and artists to the D.C. area performing arts community, is back. This year's program includes one play that hits close to home.
NPR

Economists Say Inflation Is Tame; Consumers Aren't Buying It

On paper, inflation has been low this year. But consumers buying food or fuel may disagree. Prices for beef, eggs, fresh fruit and many other foods are much higher than overall inflation.
NPR

Administration Officials Defend Funding Request To Stem Border Crisis

President Obama has asked for $3.7 billion to deal with the southern border crisis. There are predictions the number of unaccompanied children entering the U.S. could reach 90,000 by October.
NPR

NSA Implementing Fix To Prevent Snowden-Like Security Breach

A year after Edward Snowden's digital heist, the NSA's chief technology officer says steps have been taken to stop future incidents. But he says there's no way for the NSA to be entirely secure.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.