RICHMOND, VA — Governor Glenn Youngkin announced that general fund revenues for October 2023 remain in line with updated revisions to the official revenue forecast. Year-to-date through October 31, general fund revenues are up 12.1 percent over the prior year. The year-over-year increase is driven largely by elevated non-withholding collections and lower-than-expected individual income tax refunds related to the elective Pass-Through Entity Tax (PTET), while other major revenue sources were generally in line with expectations.
“Our prudent forecast for this fiscal year appropriately reflected the economic risks on the horizon,” said Governor Glenn Youngkin. “While we are slightly ahead of plan, year-to-date performance reinforces that we must remain measured as decisions at the federal level continue to drive inflation. We must continue our efforts to address the cost of living for all Virginians and drive job growth across the Commonwealth.”
Among the major revenue sources, payroll withholding taxes were 2.6 percent higher for the month on an unadjusted basis and up 1.0 percent year-to-date through October. Sales tax collections are 0.3 percent higher year-to-date, and corporate income tax revenues are up 24.4 percent year-to-date.