Virginia ends fiscal year with nearly $2 billion surplus

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.

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