Governor Glenn Youngkin Reports September General Fund revenues exceed forecast

RICHMOND, VA – Governor Glenn Youngkin Monday announced that general fund revenues increased 5.1 percent ($374.4 million) year-over-year through the first three months of Fiscal Year 2026 and that for the month of September, total general fund revenues increased 2.7 percent ($87.6 million) versus September 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 9.8 percent ($294.4 million) and are ahead of forecast by 7.9 percent ($560.9 million) year-to-date, representing a strong start to the fiscal year.

“Three months into this fiscal year, Virginia is in an incredibly strong financial position, with increased revenues from job growth and record capital investment,” said Governor Glenn Youngkin. “As we begin the process of developing the next biennial budget that I will introduce in December, the Commonwealth continues to exceed projections. The financial strength of the Commonwealth underpins our ability to invest in key priorities like education, health care and law enforcement all while lowering costs for families and providing Virginians with historic tax relief like the rebate checks this month.”

Governor Youngkin added, “Virginia is a world-class destination for companies to create jobs and families to create a future, with over $140 billion in capital investment commitments since January 2022 from companies expanding in the Commonwealth, and more than 220,000 open and available jobs on top of the 277,000 jobs created since our term began.”

“Through the first three months of the fiscal year, Virginia continues to see revenue collections outperforming our expectations,” said Secretary of Finance Stephen E. Cummings. “Led by strong performance in both withholding and sales tax collections, the Commonwealth is well-positioned to withstand any short-term revenue risks as we begin the budget development process.”