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

For more news from across the Shenandoah Valley, click here.

Virginia’s general fund ends FY with $5.1 billion excess

Governor Glenn Youngkin announced yesterday that Virginia’s general fund revenues for the 2023 fiscal year were $3 billion over the official revenue forecast.

This leaves the commonwealth with $5.1 billion in excess resources for the year.

Revenue was expected to decrease this year by 14% but it actually declined by just 3.5%.

Based on preliminary data, sales tax collections, payroll withholding, and corporate income tax collections all grew despite official estimates predicting a decline.

In the Governor’s announcement, he said, “Virginians remain overtaxed. Last year we provided $4 billion of tax relief for individuals, families, and veterans… There is plenty of money in the system to fund our shared priorities of education, behavioral health, and law enforcement while returning more of Virginians’ hard earned dollars back to their wallets.”

For more news from across the Shenandoah Valley, click here.