It may be too soon to freak out over FY 2012 budget revenues. But it’s not too early to get severe case of the heebie-jeebies.

The Commonwealth’s December revenues declined 4.7% compared to the same month last year — significantly below the 4.6% average average annual growth rate required to meet budget. Year to date (halfway through the year), revenues have increased at only a 4.2% rate.

That would be grounds for a major anxiety attack were it not for the fact that this December had only four Wednesdays compared to five Wednesdays last year. Wednesdays are a significant day for individual income tax withholding. January should make up much of the lost ground. However, a dip in corporate income tax and insurance tax revenues are grounds for concern.

“Virginia’s economy continues to demonstrate modest growth and lower than average unemployment,” said Gov. Bob McDonnell is a press release yesterday, “but the fragile national economy, persistent uncertainty in federal funding, and world and national events that impact our economy require us to exercise caution during this upcoming budget and to continue to take a conservative, responsible approach to state spending.”

Amen.

— JAB