Early General Fund revenues exceed forecast by $204.8 million

Governor Glenn Youngkin announced the general fund revenues are ahead of forecast by $204.8 million.

The 3% increase compared to August of 2022 demonstrates a strong economic position for the Commonwealth.

Among the major revenue sources, corporate income tax revenues have exceeded forecasts.

Virginia also saw its highest labor force participation rate since November 2012.

Secretary of Finance Stephen Cummings pointed out that, “It is too early to draw conclusions about full year revenue collections… The next two months will provide a better indication of Fiscal Year 2024 revenue trends.”

A link to the full August revenue report is available here.