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Governor Glenn Youngkin announced Virginia ended the 2022 fiscal year with a $1.94 billion general fund revenue surplus.
This is a 16.3% rise on total revenue collections on a year-to-date basis.
The surplus is one of the highest in the state history, just below 2021 at $2.3 billion.
This growth well exceeded the forecast of 8.5% growth.
69% of the state’s revenue came from payroll withholding and sales tax collections.
In a statement, Youngkin claimed this surplus supports his belief that Virginians are overtaxed.
He also highlighted economic growth in the state with companies like Boeing, LEGO, and Raytheon relocating their headquarters to the Commonwealth.
A full breakdown of all final revenue sources will be released on August 19th.
Boeing announced the relocation of its headquarters from Chicago to Arlington.
Boeing already has a campus in northern Virginia and believes they will benefit from being closer to Washington D.C. so it can be closer to customers, stakeholders, and key government officials.
In addition to the movement of their headquarters, Boeing plans to develop a research and technology hub to attract new employees.
Governor Glenn Youngkin is the former co-CEO of the Carlyle Group and has a relationship with Boeing CEO David Calhoun from prior business ventures.