Governor announces General Fund revenues up in January

Governor Glenn Youngkin announced that for the month of January, total general fund revenues grew by 2.4 percent ($66.0 million) versus the same period last year and are up 5.9 percent ($958.1 million) year-over-year through the first seven months of Fiscal Year 2025. In addition to the December revenue reforecast, which reflected a $2.1 billion surplus over the adopted budget last May and was assumed in the Governor’s proposed FY 2025 budget amendments, year-to-date total fund general fund revenues are ahead by $114.9 million.

“Virginia continues to maintain a strong financial position and our prudent budget forecast remains on track. The record job growth and record business investment drive record state revenue growth, fueling the projected budget surplus for our fourth year running in the Commonwealth,” said Governor Glenn Youngkin. “Our agenda of providing tax relief, lowering the cost of living, streamlining regulations, attracting business investment and enabling a great quality of life is yielding real results for Virginians.”

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