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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.”

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