Governor Youngkin anounces state fiscal year 2025 general revenues up $1.78 billion

Year-end revenues add surplus of $572 million more to the already incorporated $2.1 billion surplus

Governor Glenn Youngkin announced that Virginia’s Fiscal Year 2025 general fund revenues exceeded the official forecast by $572 million, based on preliminary accounting completed July 25. Total general fund revenues rose by $1.78 billion, or 6.1%, compared to the prior fiscal year.

June revenues, the final month of the fiscal year, exceeded projections by $83.7 million, a 2.7% increase. Year-over-year revenue for June grew by $212.6 million, or 7.2%.

According to Secretary of Finance Stephen Cummings, general fund collections ended $572 million above the Chapter 725 forecast and nearly $1.8 billion above FY24 totals. Combined with $900.5 million in unappropriated balances from actions taken in May, Virginia enters the FY26 budget development process with nearly $1.5 billion in cash reserves.