RICHMOND—Governor Ralph Northam sent a letter to the General Assembly Money Committees announcing additional revenues from a mid-session revenue reforecast. The reforecast accounts for better-than-expected January revenues, and will increase projected General Fund revenues by $292.5 million for fiscal year 2020.
“Our growing economy is a result of our mutual and continued stewardship of taxpayer dollars, and it allows us to fund public education, healthcare, law enforcement, and the other critical services Virginians expect,” Governor Northam wrote. “As you and your colleagues advance your budget deliberations, I urge you to focus on two key priorities: maintaining Virginia’s fiscal integrity and investing in our future.”
By statute, $112.3 million is the required deposit into Virginia’s rainy day fund, based on this revenue revision. This leaves an unobligated, one-time balance of $180.2 million. Projected revenues for fiscal years 2021 and 2022, including the underlying economic forecast, remain unchanged.
The full text of the Governor’s letter is available here.