Virginia Ahead of Revenue Forecast Despite Federal Warning Signs

Virginia ahead of revenue forecast despite federal warning signs

Virginia moved almost a half-billion dollars ahead of forecast for government revenues through May, with one month left to ensure it collects enough tax money to pay for state spending obligations in the fiscal year that ends on June 30.

Governor Glenn Youngkin reports May General Fund revenues continue to exceed forecast

RICHMOND, VA – Governor Glenn Youngkin today announced that general fund revenues are up 5.9 percent ($1,572.2 million) year-over-year through the first 11 months of Fiscal Year 2025 and that for the month of May, total general fund revenues grew by 3.0 percent ($86.3 million) versus the same period last year. Compared to forecast, year-to-date revenues are 1.8 percent ($488.3 million) ahead, with one month remaining. “Virginia’s financial resul…