Name: Virginia’s revenue drops 26% in April amidst coronavirus pandemic
Brand: pilotonline.com
SKU: pilotonline-com-2
Availability: OnlineOnly

critic

Virginia’s revenue drops 26% in April amidst coronavirus pandemic

preview

AdvertisementBy The Virginian-PilotMay 14, 2020 at 3:51 pmThe state lost about $700 million in April as the coronavirus pandemic forced people to stop working and stay inside, Virginia’s finance secretary said Thursday.General fund revenues dropped 26.2.% in April, but that decline is consistent with what Finance Sec. Aubrey Layne predicted last month. He’s previously forecasted a $3 billion loss in revenue over the next two years, which led the General Assembly to on things like teacher raises and new government programs for the next few months.AdvertisementApril is normally when tax income payments would be due — and a time when the state’s general fund would get a boost — but Gov. Ralph Northam delayed the payment deadline to June 1. After that, we’ll have a better picture of just how much revenue wasn’t collected, Layne said in a report to the governor, the first since the economic effects of coronavirus began being felt.“It’s not great, but we’re trending about what we thought we were going to do,” Layne said Thursday.AdvertisementDefense and government spending in Hampton Roads and Northern Virginia helped slow the economic impact in April. That tends to cushion us in bad times, he said.“It’s the leisure business, hospitality (industry) and restaurants that have really been hurt, and that’s a big part of our economy,” he said.Roughly 36 million people have filed for jobless aid across the country in the two months since the coronavirus first forced millions of businesses to close their doors and shrink their workforces, the Labor Department said Thursday. In Virginia, the number of people to added up to 677,749 in the past eight weeks. Of those who made an initial claim and continued to collect unemployment, the number has grown to 392,673.Two areas where spending actually increased in April: grocery store and alcohol sales.DailyStart your morning in-the-know with the day's top stories. &gt; Alcohol tax revenue was up to $9.6 million in April, compared to $4 million in 2019. And the state collected $23 million in food taxes from groceries this month, compared to $16 million at the same time last year.The check given to Virginians through the federal stimulus package and the increase in unemployment benefits through the CARES Act also may have helped, Layne said.“The consumer is still spending because they have money, but it’s cautious,” he said.Still, revenue increased by 1.4% over last April, although finance officials predicted it would grow 3.1% this month.AdvertisementThe economic landscape could shift again starting Friday, when certain businesses are expected to reopen with restrictions in many parts of the state.“Because we’re tracking where we are, the actions we’ve taken to stop discretionary spending and stop hiring were the appropriate ones to find out where were going to be here in the next 60 days,” Layne said.Marie Albiges, 757-247-4962, Advertisement

AdvertisementBy The Virginian-PilotMay 14, 2020 at 3:51 pmThe state lost about $700 million in April as the coronavirus pandemic forced people to stop working and stay inside, Virginia’s finance secretary said Thursday.General fund revenues dropped 26.2.% in April, but that decline is consistent with what Finance Sec. Aubrey Layne predicted last month. He’s previously forecasted a $3 billion loss in revenue over the next two years, which led the General Assembly to on things like teacher raises and new government programs for the next few months.AdvertisementApril is normally when tax...

public

Marie Albiges

pilotonline.com

Credible

Speculation

Anecdotal Evidence

Generalization

Stacking the Deck

Appeal to Authority

Straw Man

Slippery Slope

Emotional Appeal

Red Herring

False Dilemma

Illogical

Moral Equivalency

Ad Hominem

Correlation w/o Causation

Semantics

Begging the Question

Faulty Analogy

Non Sequitur

Bandwagon

Dogmatism

Failing Occam's Razor

Biased

Pure Opinion

Hit Piece

Racial Bias

National Bias

Religious Bias

Financial Incentive

Political Agenda

Gender Bias

Misused Image/Video

Study Misinterpreted

Mistake

Misused Term

Science Misrepresented

Factual Error

Satire

Surface Level

Lack of Reliable Sources

Sensational

Not Credible

Investigative

Balanced

Well Sourced

Great Context

sports

entertainment

U.S.

international

business

technology

science

culture

politics

media

health

Virginia’s revenue drops 26% in April amidst coronavirus pandemic

No article scores yet.

CRITIC REVIEWS

PUBLIC REVIEWS