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.

NPR

Miss Colombia Wins Pageant; Miss Jamaica Wins Twitter?

Days later, bad feelings linger among the Miss Universe pageant viewers who believe that the wrong contestant won. Many watchers on social media say Miss Jamaica should being wearing the crown.
NPR

Watch 'Bob's Burgers'? Now You Can Eat Them, Too

What happens when you try to make a burger out of a pun? One blog, two years, and dozens of recipes later, millions of fans can now cook up their very own Bob's burgers.
WAMU 88.5

Drilling Off Virginia Coast Could Harm Neighboring States, Cardin Says

The Obama administration has decided to open up the Atlantic states to offshore drilling, a move that is not playing well among East Coast democrats like U.S. Sen. Cardin (D-MD).
NPR

Apple Sold 30,000 iPhones An Hour Last Quarter, Scored Record Profits

The tech giant sold 74 million phones in three months.

Leave a Comment

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