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

Art Beat With Lauren Landau, Sept. 2

You can see a selection of Chinese films or meditate on the meaning of the word “axis” at an art exhibition.

NPR

These 5 Crops Are Still Hand-Harvested, And It's Hard Work

Saffron, vanilla, palm oil, cacao and cottonseed oil are still picked by hand in some parts of the world. Sometimes that manual labor shows up in the price of the food; sometimes it doesn't.
NPR

The Politics Of Calling In Sick

A growing grass-roots movement aims to establish paid sick leave in the U.S., enjoying some success at the city and state level. The issue is already playing big in 2014 political races.
NPR

Why Do We Blindly Sign Terms Of Service Agreements?

Audie Cornish talks with University of Chicago Law School professor Omri Ben-Shahar about terms of service agreements for software and websites.

Leave a Comment

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