Youngkin announces State revenues ahead of last year

May 25, 2024
 |
Virginia Capitol Building

RICHMOND, VA—Governor Glenn Youngkin announced that general fund revenues for April 2024 remain ahead of revenue projections and reinforce the soundness of the underlying forecast. Year-to-date general fund revenues have increased 5.0 percent versus the same period last year with a slight decline in total general fund revenues for the month of April.

“Virginia’s strong underlying job market, economic growth and business investments have driven record receipts for the Commonwealth, which provided stable ground to work with the general assembly and finalize Virginia’s budget this week without tax increases,” said Governor Glenn Youngkin. “Today’s revenue numbers reaffirm Virginia’s strong revenue trajectory and our forecasts. However, we will continue to prudently monitor inflationary pressures and economic growth.”

“Despite being slightly down year-over-year, April collections exceeded our forecast for the month by $162.6 million,” said Secretary of Finance Stephen Cummings. “April is an important month for general fund revenues. In addition to regular monthly collections in payroll withholding and sales taxes, final tax payments were due from individuals on May 1. Given April’s results, and with just two months remaining in the fiscal year, we are confident that revenue collections for the year will meet or exceed forecast.”

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