Showing posts with label Percentage. Show all posts
Showing posts with label Percentage. Show all posts

Tuesday, September 22, 2015

Governor McAuliffe Announces Decrease in Virginia Unemployment Rate

August was 17th consecutive month of year over year employment growth

Governor McAuliffe announced today that Virginia’s seasonally adjusted unemployment rate decreased 0.3 percentage point in August to 4.5 percent, the second consecutive monthly decline. At 4.5 percent, the seasonally adjusted unemployment rate is at its lowest level since September 2008 when it was 4.3 percent. Virginia’s seasonally adjusted unemployment rate remains below the national rate, which was down 0.2 percentage point in August to 5.1 percent.

The average weekly wage for private employers was $940.55 in August, 7.6 percent above a year ago.

“We are seeing tangible results from our work to build a new Virginia economy by fostering growth at Virginia businesses around the Commonwealth and attracting new, high-growth industries,” said Governor McAuliffe. “The new jobs numbers demonstrate continued progress creating good-paying jobs all across Virginia. This is great news, but with federal shutdowns, sequestration and budget battles looming, we still have much work to do to diversify our economy and chart a course for sustainable growth well into the future.”

“The private sector continues to lead the rebound of Virginia’s economy,” said Secretary of Commerce and Trade Maurice Jones.  “This is especially good news as the Commonwealth needs robust private sector job growth in order to diversify our sources of prosperity.”

From August of 2014 to August of 2015, Virginia’s seasonally adjusted total nonfarm employment was up 41,100 jobs. Over the year, employment grew 1.1 percent. For the past three months, over-the-year employment growth has exceeded 1.0 percent. Over-the-year August job gains were recorded by both the private sector, which grew by 37,200 jobs, and the public sector, which grew by 3,900 jobs. Compared to a year ago, on a seasonally adjusted basis, 9 of the 11 major industry divisions experienced employment gains.

For a greater statistical breakdown visit the Virginia Employment Commission’s website at www.vec.virginia.gov.  

Wednesday, August 26, 2015

Governor McAuliffe Announces Decrease in Virginia Unemployment Rate

RICHMOND – Governor McAuliffe announced today that Virginia’s seasonally adjusted unemployment rate decreased 0.1 percentage point in July to 4.8 percent. Virginia’s seasonally adjusted unemployment rate remains below the national rate, which was unchanged in July at 5.3 percent.

The average weekly wage for private employers was $905.58 in July, 4.6 percent above a year ago.

“We are seeing tangible results from our work to build a new Virginia economy in communities across the Commonwealth by attracting new, high-growth industries and fostering growth in the existing businesses that represent our employment base,” said Governor McAuliffe. “The new jobs numbers demonstrate enhanced income security for Virginia's workers while offering the opportunity of lower costs for employers doing business in Virginia. We still have much work to do, and I remain committed to providing pathways to prosperity for all Virginia families and businesses.”

“This is more good news for Virginia,” said Secretary of Commerce and Trade Maurice Jones.  “Year over year employment is up, wages are up, and unemployment is down.  When the public and private sectors work well together as a team, we can accomplish what is necessary to continue our economic growth.”

From July of 2014 to July of 2015, Virginia’s seasonally adjusted total nonfarm employment was up 40,700 jobs. Over-the-year, employment grew 1.1 percent, the sixteenth consecutive month of positive over-the-year growth. Over-the-year July job gains were recorded by both the private sector, which grew by 38,500 jobs, and the public sector, which grew by 2,200 jobs. Compared to a year ago, on a seasonally adjusted basis, 10 of the 11 major industry divisions experienced employment gains.

As employment grew faster than expected in the last year, unemployment insurance (UI) benefit payments decreased and UI revenues increased.   This produced an improved forecast solvency level for Virginia’s UI Trust Fund this year, which will likely eliminate the fund-building surtax in 2016, a year earlier than previously projected.  The fund-building surtax, which costs employers $16 per employee, has been in effect since 2010.

For a greater statistical break down visit the Virginia Employment Commission’s website at http://www.vec.virginia.gov/.


Thursday, July 17, 2014

Fiscal Year 2014 General Fund Revenue Collections Down 1.6% From Fiscal Year 2013 And $439 Million Below Forecast

The Timing of Nonwithholding Payments in Response to Federal Budget 
Uncertainty Drives the Shortfall

RICHMOND- Governor McAuliffe announced  that preliminary figures indicate the state concluded Fiscal Year (FY) 2014 with an approximately $438.5 million shortfall in general fund revenue collections, excluding transfers.

Total general fund revenue collections declined by 1.6 percent in FY 2014, behind the revised revenue forecast of 1.0 percent growth. This marks the first time that Virginia revenues have declined outside of a national recession. 

The main driver of the revenue decrease was a large drop in nonwithholding payments.  Despite record-breaking increases in the stock market, it appears that the uncertainty about the federal Fiscal Cliff in December 2012/January 2013 shifted more realized capital gains from 2013 into 2012 than expected.  Revenue collections during the last quarter of each fiscal year are significant in this regard because upper income individuals who have a significant portion of their income based on capital gains pay a substantial portion of their tax liability in the April to June period.

A comprehensive breakdown of the preliminary FY 2014 revenue shortfall is shown below.  The final FY 2014 tally will not be available until mid-August. 

Analysis of Fiscal Year 2014 Revenues
Based on Preliminary Data
  • Total general fund revenue collections fell short of the official forecast by $438.5 million (-2.7 percent variance).
    • Total general fund revenues declined 1.6 percent compared with the forecast of 1.0 percent growth.
  • The revenue shortfall is primarily due to a large drop in individual nonwithholding collections. That source, which is made up on non-wage income (mainly capital gains), was $401.1 million off the mark.
  • Payroll withholding and sales tax collections, 83 percent of total revenues and the best indicator of current economic activity in the Commonwealth, also fell short of the forecast by $78.9 million, a forecast variance of -0.6 percent.
    • Estimates for these two sources are directly tied to the economic outlook developed during the fall forecasting process, and specifically, the outlook for jobs and wage income in the Commonwealth.
    • The general weakness in withholding and sales tax collections over the last several quarters is indicative of the negative effect that federal government spending cuts are having on the Commonwealth.
ADDITIONAL DETAILS
  • Individual income tax withholding, 64 percent of total general fund revenues, was below the estimate by $66.0 million (-0.6 percent variance).
    • Annual collections increased 2.3 percent compared with the forecast of a 2.9 percent increase.
  • Individual income tax nonwithholding collections, 15 percent of total revenues, fell 10.1 percent in fiscal year 2014 reversing the 19.1 percent gain in FY 2013, despite a record-level stock market increase in both years. Total nonwithholding collections fell short of the annual estimate by $401.1 million (-14.3 percent variance).
  • Individual refunds finished $51.3 million (-3.0 percent variance) below the annual estimate, a net positive for the Commonwealth.
  • Taken together, withholding, nonwithholding, and refunds, i.e. net individual income taxes, fell 0.8 percent, behind the annual forecast by $415.7 million, a forecast variance of 3.7 percent.
  • Sales and use tax collections, 19 percent of total revenues, fell short of the annual estimate by $12.9 million (-0.4 percent variance).
  • Corporate income tax collections, 5 percent of total revenues and one of the most volatile revenue sources, declined by 4.9 percent, compared with the forecast of a 3.4 percent decline.
  • Wills, Suits, Deeds, and Contracts (primarily recordation tax collections), 2 percent of total revenues, finished the year $66.7 million (-17.7 percent variance) behind the annual projection of no growth.
Insurance premiums tax, 2 percent of total revenues, exceeded the annual estimate by $31.0 million (11.8 percent variance).

Our Notes;  Glad to see the economic recovery is in full swing.  ????

Tuesday, June 17, 2014

General Fund Revenue Collections Declined by 20.7% in May – The Biggest One Month Decline in 13 Years

This image depicts the total tax revenue (not ...
This image depicts the total tax revenue (not adjusted for inflation) for the U.S. federal government from 1980 to 2009 compared to the amount of revenue coming from individual income taxes. The data comes from the Office of Management and Budget's record of the 'Budget of the US Government FY 2011', specifically the 'Historical Tables, Table 2.1.' The information is also here. (Photo credit: Wikipedia)
Significant Decline Occurred in Individual Income Tax Payments

RICHMOND- Governor McAuliffe announced today that general fund revenue collections decreased by 20.7 percent in May, with large declines in individual nonwithholding, the corporate income tax, and the tax on wills, suits, deeds, and contracts (recordation tax).  On a year-to-date basis, total revenue collections were down 1.6 percent through May, behind the annual forecast of 1.0 percent growth. 

Speaking about this news, Governor McAuliffe noted that “May is a significant month for general fund revenue collections since individual income tax returns for income earned in 2013 are due May 1.  A significant amount of May’s collections are also from upper income individuals where a significant portion of their income is based on capital gains.  It now appears that the uncertainty of federal tax policy resulting Fiscal Cliff in December 2012/January 2013 shifted more capital gains from 2013 into 2012 than expected, lowering the amount of capital gains that would otherwise be realized in 2013.  Accordingly, Virginia like many other states that have income taxes are now seeing declining revenues from capital gains.” 

As for other sources of revenue, collections of payroll withholding taxes fell 5.4 percent in May, due to one less deposit day compared with May 2013.  Corporate income tax collections decreased by  33.2 percent from last year.  Collections of sales and use taxes, reflecting April sales, fell 1.6 percent in May. Finally, recordation taxes from real estate transactions were down 27.3 percent as home sales and refinancing activity remained weak. 

On a year-to-date basis, collections of payroll withholding taxes – 63 percent of General Fund revenues -- increased 2.5 percent, behind the annual forecast of 2.9 percent growth.  Sales tax collections - 18 percent of General Fund revenues – have declined 4.5 percent through May, trailing the annual forecast calling for a 4.4 percent decline.  Adjusting for the accelerated sales tax program and the tax policy changes, included in last year’s transportation funding legislation, total revenues are down 0.6 percent through May, behind the adjusted forecast of 2.1 percent growth. 

Wednesday, January 15, 2014

Virginia Posts 0.8% Revenue Increase in December

English: The state seal of Virginia. Српски / ...
 (Photo credit: Wikipedia)
RICHMOND - Governor Bob McDonnell announced today that December 2013 revenue collections increased by 0.8 percent from December of 2012. On a year-to-date basis, total revenue collections rose 0.7 percent through December, lagging the annual forecast of 1.7 percent growth. Adjusting for the accelerated sales tax program and the 0.125 percent sales tax transfer required by last session's historic transportation bill, total revenues grew 1.7 percent through December, trailing the adjusted forecast of 2.9 percent growth.

The increase in December revenue was driven by solid growth in collections of individual withholding and nonwitholding partially offset by an increase in refunds and declines in sales, corporate income tax, and recordation taxes.  Individual withholding rose 3.1 percent. Year-to-date collections of individual nonwithholding through the first half of the fiscal year rose by 12.4 percent, well ahead of the annual estimate of a 6.3 percent increase.  At the same time, sales and use taxes, reflecting sales made in November, fell 4.3 percent in December.

Because a number of factors can influence the flow of payments and monthly growth rates this time of year, December and January receipts must be considered together to get a clear picture of revenue growth.

Speaking about the December numbers, Governor McDonnell noted, “Over the last four years we have both projected revenue growth and budgeted conservatively.  In doing so, we have helped put Virginia in a more sound financial position for the future.  Virginia’s economy continues to improve.  Over the last four years we have worked in a bipartisan fashion to put in place policies that strengthen that give our private sector job-creators the tools they need to create jobs and opportunities for all Virginians.  This approach has worked.  Since the beginning of this Administration 177,300 net new jobs have been created.  And, our unemployment rate has fallen two full percentage points, from 7.4% to 5.4%.  I want to commend the great work of Virginia’s first chief jobs creation officer, Lieutenant Governor Bill Bolling, and the members of the General Assembly for putting in place pro-growth policies that have helped the Commonwealth emerge as an economic leader during tough fiscal times.”

The December revenue numbers are available at this link:http://www.finance.virginia.gov/KeyDocuments/RevenueReports/MasterReportsList.cfm
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Saturday, November 16, 2013

Virginia Posts 5.4% Revenue Decrease in October

Governor of Virginia Bob McDonnell speaking at...
Governor of Virginia Bob McDonnell speaking at CPAC. Please attribute to Gage Skidmore if used elsewhere. (Photo credit: Wikipedia)
– Not a Significant Month for Revenue –
Minimal Growth in Withholding Most Likely Result of Federal Government Shutdown

RICHMOND - Governor Bob McDonnell announced today that October revenue collections decreased by 5.4 percent from October of last year. October is not a significant month for revenue collections. On a year-to-date basis, total revenue collections rose 0.6 percent through October, trailing the annual forecast of 1.5 percent growth. Adjusting for the accelerated sales tax program and the 0.125 percent sales tax transfer required by last session’s historic transportation bill, total revenues grew 1.6 percent through October, trailing the adjusted forecast of 2.7 percent growth.

The decrease in October revenue was driven by declines in corporate, sales and recordation taxes, along with an increase in individual refunds. Collections of payroll withholding taxes only grew by 0.5% in October, with the weakness in growth most likely attributable to the federal government shutdown. Sales and use tax receipts fell by 1.7%, but that number reflects sales in September, prior to the federal government shutdown. Any potential impact of the shutdown on sales in Virginia would be reflected in the upcoming November revenue report.

 Speaking about the October numbers, Governor Bob McDonnell noted, “Over the last four years we’ve worked together in Richmond to find common ground and put in place policies that will spur private sector job creation and economic growth. Those policies have gotten results. 158,000 new private sector jobs have been created in Virginia, and our unemployment rate has fallen from 7.4% to 5.8%, the lowest rate in the Southeast. However, despite our work in the Commonwealth, we increasingly face headwinds that while not of our making, are having a detrimental impact on our people and our economy. The federal government continues to fail at the most basic of functions, including most recently failing at just the simple act of remaining open. This is having a direct impact on the finances of Virginia’s residents and our state government. We must continue to take prudent and proactive steps in our state government to help prepare the Commonwealth for the continued uncertainty that lies ahead. I look forward to working with the incoming administration of Governor-elect Terry McAuliffe to ensure that there is continuity in the successful bipartisan efforts that have helped make Virginia a national economic leader, even in these difficult times.”

            The October revenue numbers are available at this link:http://www.finance.virginia.gov/KeyDocuments/RevenueReports/MasterReportsList.cfm
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Friday, November 8, 2013

Virginia 4th Graders Among Nation’s Best Readers

English: Governor of Virginia at CPAC in .
 (Photo credit: Wikipedia)
Achievement Up Significantly Since 2009 on National Reading Test 

RICHMOND - Results from the 2013 National Assessment of Educational Progress (NAEP) show that the reading skills of Virginia fourth-grade students have improved significantly over the last four years, Governor Bob McDonnell reported today.

Virginia is one of the nation’s 12 highest-performing states in fourth-grade reading. These states have what the National Center for Education Statistics (NCES) views as statistically similar percentages of fourth graders earning proficient or advanced scores.

“Developing a strong literacy foundation is imperative to a child's success in school,” said Governor McDonnell.  “In 2012, we passed legislation to end social promotion in order to ensure that all students are reading on grade level prior to moving on to fourth grade. We have seen great improvement in reading scores over the last four years. As more students are impacted by the strategies implemented in our third grade reading program we expect we will see even greater success.”

Forty-three percent of the commonwealth’s grade-4 students met or exceeded the NAEP proficiency standard and 12 percent performed at the advanced level. Nationwide, 34 percent of fourth-grade students demonstrated reading skills at or above the proficient level and eight percent achieved advanced scores.

The improvement in the reading skills of Virginia fourth graders follows an expansion of the commonwealth’s efforts to strengthen the skills of struggling young readers. In 2012, the General Assembly approved Governor Bob McDonnell’s request for funds to provide early reading intervention services for 100 percent of eligible students in grades K-3 and to make the promotion of students who fail the grade-3 reading Standards of Learning (SOL) test contingent on intervention. The 2013 General Assembly approved McDonnell’s request for state funding for an additional reading specialist in elementary schools with grade-3 reading pass rates below 75 percent.


“In recent years, we’ve placed an increased emphasis on strengthening adolescent literacy and equipping students with the reading skills that will prepare them for college or a career,” Secretary of Education Laura Fornash said.

NCES describes the increase in reading achievement among Virginia fourth graders since 2009 — when 38 percent achieved proficient or advanced scores — as statistically significant.

For the first time in the history of the state-level NAEP, a majority of Virginia’s white fourth graders — 51 percent — achieved proficient or advanced reading scores. Twenty-three percent of black Virginia fourth graders earned proficient or advanced scores, as did 25 of Hispanic fourth graders and 65 percent of Asian fourth graders.

Board of Education President David M. Foster said that persistent differences in the performance of student subgroups underscore the importance of the SOL program in detecting achievement gaps and in identifying low-performing schools in need of state interventions and resources.     

“The Board of Education is raising the bar with college- and career-ready standards and innovative assessments that require critical thinking, as well as the mastery of content knowledge,” Foster said. “Helping all students meet these higher expectations — regardless of where they live or the schools they attend — is the surest prescription for narrowing and ultimately closing achievement gaps.”

Thirty-six percent of Virginia eighth-grade students achieved at or above the proficient level in reading on the 2013 NAEP, the same percentage as in 2011. Four percent achieved advanced reading scores, also the same percentage as in 2011. Nationally, 34 percent of eighth graders achieved proficient or advanced scores and 4 percent earned advanced scores.


Forty-five percent of white eighth graders in Virginia earned proficient or advanced reading scores, as did 17 percent of black students, 26 percent of Hispanic students and 49 percent of Asian students.

In mathematics, 47 percent of Virginia fourth graders achieved scores at or above the proficient level, compared with 46 percent in 2011. Nine percent scored at the advanced level, the same percentage as in 2011. Nationwide, 41 percent of fourth-graders demonstrated achievement at or above the proficient level and eight percent achieved advanced scores.


NCES says the percentage of the commonwealth’s fourth graders achieving proficient or advanced scores in mathematics has improved significantly since 2007, when only 42 percent met or exceeded the NAEP proficiency standard.

Fifty-six percent of white fourth graders achieved proficient or advanced mathematics scores, as did 22 percent of black students, 32 percent of Hispanic students, and 70 percent of Asian students.

Thirty-eight percent of Virginia eighth graders achieved proficient or advanced mathematics scores in 2013, compared with 40 percent in 2011. NCES does not regard this two-point decline as statistically noteworthy. Ten percent of the commonwealth’s eighth graders earned advanced mathematics scores in 2013, compared with 11 percent in 2011. Nationally, 34 percent of eighth graders earned proficient or advanced scores; eight percent achieved at the advanced level.


Eighth graders in only five states — Massachusetts, New Hampshire, New Jersey, Minnesota and Vermont — achieved higher average math scores than Virginia students, compared with seven states in 2011. NCES describes the increase in grade-8 mathematics achievement in Virginia since 2005 — when 33 percent earned proficient or advanced scores — as significant.

Forty-seven percent of white Virginia eighth graders achieved proficient or advanced mathematics scores on the 2013 NAEP, as did 15 percent of black eighth graders, 25 percent of Hispanic eighth graders, and 64 percent of Asians.

NAEP — also known as the Nation’s Report Card — reflects the performance of representative samples of students in each state and nationwide. The 2013 NAEP sampling of Virginia students included approximately 6,100 fourth-grade students and 5,700 eighth graders. NAEP results are not reported by division or for individual schools.

Reading and mathematics tests are administered every two years and provide a means of comparing the progress of states in raising student achievement. According to the National Center for Education Statistics (NCES), a proficient NAEP score represents solid performance on challenging subject matter — a more rigorous standard than grade-level achievement.
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