
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, October 19, 1993                   TAG: 9310190176
SECTION: VIRGINIA                    PAGE: C-4   EDITION: METRO 
SOURCE: Associated Press
DATELINE: RICHMOND                                LENGTH: Short

STATE COLLECTIONS SLIGHTLY EXCEED FORECAST

State revenue collections in the first quarter of the 1993-94 fiscal year increased 7.3 percent, exceeding projections by 1 percentage point, Secretary of Finance Paul Timmreck said Monday.

The increase translates into $13.6 million in additional revenue, Timmreck told the House Appropriations Committee. A 6.3 percent increase had been projected.

While the higher revenue is good news, the Wilder administration is sticking by its overall growth estimate of 4 percent for the year, he said.

"Even though consumer spending and confidence are increasing slightly, uncertainty about corporate downsizing and health-care reform could dampen the all-important holiday shopping season," Timmreck said. "At this point, there is no reason to believe that the forecast for fiscal 1994 is not attainable."

The administration has projected steadily declining revenue increases during the year. By the fourth quarter, it expects a gain of just 2.2 percent.

The fiscal year began July 1. The first quarter ended Sept. 30.

by CNB