Virginia revenues continue to exceed expectations

Virginia’s year to date general fund revenues continue to remain ahead of the updated December 2022 forecast.

Recent reports show a nearly $500 million surplus according to a news release from the Governor’s office.

Revenue collections were 2.7 percent higher in the first ten months of fiscal year 2023.

Stephen Cummings, Secretary of Finance noted that revenues declined less than expected in April which resulted in the surplus.

Governor Youngkin remarked that the surplus puts Virginia in a strong position to invest in behavioral health care, community safety, child literacy and the state’s energy future.

At the same time Virginia can reduce taxes and lower the cost of living for local businesses and families throughout the commonwealth.

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