Evening star., 1947-08-15
WASHINGTON AND VICINITY
FRIDAY, AUGUST Is, 1947
Virginia Reports
RecordRevenue
0f252 Million
Controllers Figures
Show General Fund
Surplus Of II Million .
BY the A -..ltsd Press

SurPlus or IL Million
~ BY the A ---:ltsd Presa
RICHMOND, Va, Aug. lS.-vir.
ginias State government in the
1946-1s47 fiscal year collected a rec
ord s252, 800 ,66o.ss and spent $24s,-
750,205.60.
The State ended the year with
$l2,550,562.s2 surplus in the general
fund available to apply against ap-
preparations for the present fiscal
year" State Controller Henry G.
Gilmer reported to Gov. Tuck yes
terday.
The more than s252, ,ooO, 900 which
officials said included a number of
bookkeeping fgures"-money mere
ly handled by the State and not ap-
plicable against its general or spe-
cial funds - was nearly $50 SOC, 900
greater than the revenue of the
previous fiscal year.
Additional Receipts Listed.
In addition the controllers report
showed the State collected S4,975, 600
from the Federal Government for
unemployment compensation bene-
fits; $500,000 receipts from the liter
ary fund and $45,500 in receipts
from the sale of revenue bonds, for
a total of $258,S21, ,160.88.
Along with total collections, gen.
eral fund revenues rose sharply to
an all-time peak of 1896, ,667. Al.
plus the States portion of alcoholic
beverage control profits, which en-
riched the fund by an additional
$5,o32, 1871, bringing it to $685.
1852.
The general figure, which is the
basis on which most recurring State
expenditures can be planned, was so
great as almost to dwarf all official
estimates.
Darden l3 Million off.
Two years ago Gov. Darden, In
the budget for the present
biennium, estimated that the gen
eral fund revenues for the 1867
fiscal year would amount to $45,-
669 ,500-nearly $13,00o,000 short Of
the actual figure.
Even as recently as last January,
Director j. H. Bradford OF the d.
vision of the budget, presented the
General Assembly with an upward
revision of ISL ,59S O20 for the same
period, still more than $8.oo0,00
off.
Commenting on the controllers
report, Mr.. Bradford pointed out
that 13 years ago the States gen.
eral fund revenue was only $13,000,-
900. and he said he feels I'VE are
building our financial house on
sand"
During the past year the revenue
derived from individual income
taxes alone amounted to more than
two-thirds of gthe entire 1884 rev.
ia's' : Million Surplus.
- In a LEVER Of transmittal accom-.
,panying the report to Gov. Tuck.
the gross cash fahd invested surplus
in the general fund amounted to
s61 ,064, ,99792.
There were appropriated obli-
cations against this sum in the
amount of s46, 759, $3.50 which were
carried over for payment during
the next year, beginning July /,
1947, leaving a balance of $14,305,-
$685." he wrote. There was also
the further sum of 1,754, 300 invest
ments in r. F. & P. railway stocks.
which is not available for appro-
priation purposes at this time. This
leaves a net surplus available to be
applied against payment of appro-
priations for the year. beginning
July l, 1s47. in the general fund of
$12.55o, ,562.s2"
The mammoth rise In revenues
was evident in almost all State
money sources.
The total tax revenue during the
last year was $8s, 1907, ,792.8e, of which
the general fund received $44,7S5,-
19040. The overall figure was ST.
239, ,166 higher than last years and
the general funds share increase in
the same time by s4,605 ,463.
Income Taxes Increase.
Revenue from individual income
taxes alone increased by slightly
under $1,000 900 to a peak of So
631 $50 Gas compared with the 1884
revenue from this source Of about
$3.50, ,0o0).
Only slightly behind individual
income taxes were corporation in
come leyies, with revenue from that
source amounting to $9,536,262, an
increase of approximately $2,500, 600.
Revenue from intangible property
taxes gained s452,7s1 to q peak
of $4,661 ,03o.
Motor vehicle gasoline tax collec-
tions jumped almost so per cent
from the previous years s21, ,733, ,220
to last years $32.170,226.
Only few tax sources failed to
maintain their previous years rev.
enue production. Notable among
them were the sales tax on wine and
spirits, which dropped s475,71e under
the previous years level, and the
tax on steam railroads, which was
off by less than $400, 600.
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