Governor Glenn Youngkin reports May General Fund revenues continue to exceed forecast

RICHMOND, VA – Governor Glenn Youngkin today announced that general fund revenues are up 5.9 percent ($1,572.2 million) year-over-year through the first 11 months of Fiscal Year 2025 and that for the month of May, total general fund revenues grew by 3.0 percent ($86.3 million) versus the same period last year. Compared to forecast, year-to-date revenues are 1.8 percent ($488.3 million) ahead, with one month remaining.

“Virginia’s financial results remain strong, thanks to robust business investment and a strong job market,” said Governor Glenn Youngkin. “As we approach the end of the fiscal year, our financial strength position gives us confidence to navigate any short-term challenges and continue investing in the initiatives that will expand opportunity across the Commonwealth.”

“With the continuing strength of revenue collections across major revenue sources, we are confident that final FY 2025 general fund revenues will exceed forecast,” said Secretary of Finance Steve Cummings. “While there are potential risks to the FY 2026 revenue forecast, Virginia remains well-positioned to address any challenges that may arise.”

The full May 2025 revenue report is available here.