Virginia Revenue Collections In February Down, But Not All Bad News

On Wednesday, Virginia Governor Ralph Northam announced February’s 2020 General Fund Revenue collections were down more than twelve percent, mainly due to the on time opening of this year’s tax processing season. Despite that news, the Governor said the Commonwealth’s total revenue collections rose more than six percent, ahead of the annual forecast of three point two percent. This February, 940 thousand refunds were processed compared with 519 thousand the previous year resulting in more than 427 million dollars in refunds compared to last years figure of just over 218 million dollars.