The Department of Revenue today reported that the monthly revenue collection for July came in at $1.353 billion, an increase of $103 million over July of a year ago, representing an 8.2 percent increase and exceeding the montly benchmark by $79 million.
July is a small month for revenue collection as there are no estimated payments for individuals and virtually no such payments for businesses, so the growth spurt came in income tax collections (mostly withholding) and in sales tax.
To examine a one-page spreadsheet outlining the month's collection, click here.
The Commonwealth's target revenue collection for FY11 is $19.098 billion. To put that in perspective, the Commonwealth in FY08 collected $20.88 billion, before the economy went into recession, so there is still nearly a $2 billion gap between FY08 and projected FY11 collections. The FY10 collection was $18.538 billion.
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