Governor Glenn Youngkin reports August general fund revenues exceed forecast

RICHMOND, VA – Governor Glenn Youngkin Thursday announced that general fund revenues increased 7.0 percent ($286.9 million) year-over-year through the first two months of Fiscal Year 2026 and that for the month of August, total general fund revenues increased 6.8 percent ($132.7 million) versus August last year. Compared to the official forecast assumed in Chapter 725 and accounting for monthly variations in tax collections, revenues exceeded projections for the month by 6.2 percent ($122.0 million) and are ahead of forecast by 6.5 percent ($266.5 million) year-to-date, representing a strong start to the fiscal year.

“Virginia remains in an incredibly strong financial position two months into this fiscal year, driven largely by increased individual income and sales tax revenue,” said Governor Glenn Youngkin. “With the addition of August’s excess revenue collections to the FY 2025 revenue surplus and end-of-year balances, the Commonwealth currently has more than $1.8 billion in incremental revenues available as we begin the process of developing the next biennial budget that I will introduce in December.” Governor Youngkin added “Virginia is the destination where companies from around the world are investing and building their future, with $135 billion in capital investment commitments since January 2022 from companies expanding in the Commonwealth. These results reflect the underlying strength of Virginia’s job market, financial position, and opportunities for all Virginians.”

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