VA revenues up 6.3%

Governor Glenn Youngkin announced Monday that Virginia’s general fund revenues have increased by 6.3 percent, or $1.49 billion, compared to the same ten-month period in Fiscal Year 2024. For the month of April alone, revenues rose 8.8 percent, or $322.4 million, over the previous year.

According to the Governor’s Office, total general fund revenues are currently ahead of forecast by 0.8 percent, or $211.1 million, with two months remaining in the fiscal year.

Governor Youngkin attributed the increase to job growth and capital investment in the state. “With over 265,000 more Virginians working today versus three years ago and over $100 billion in capital investment commitments from companies eager to grow in Virginia, the Commonwealth’s financial performance is tracking ahead of forecast,” he said in a statement.

Secretary of Finance Steve Cummings noted April’s strong collections and acknowledged economic risks moving forward. “While we continue to have confidence in our FY2025 forecast and the long-term resiliency and strength of the Virginia economy, we are cognizant of potential short-term risks associated with federal job reductions and the resetting of trade relationships,” he stated.