RICHMOND, Va. (CBS19 News) — Preliminary data shows Virginia’s general fund revenue ended the fiscal year well ahead of economic forecasts.
Gov. Glenn Youngkin announced Friday that revenue for the fiscal year ending in 2024 will be $1.2 billion higher than official projections.
A news release stated that total general fund revenue increased 5.5% for the full fiscal year, well above the 1.3% forecast.
Those numbers come despite the forecast including $525 million in excess revenue received through April and a $22 million adjustment related to the Military Retirement Income Tax Credit.
“Preliminary year-end results show record revenue driven by strong job growth, allowing us to continue investing in our shared priorities,” Youngkin said. “Strong job growth supports record revenue in Virginia , which continues to demonstrate that there is enough money in the system to make critical investments while cutting taxes to lower the cost of living for hard-working Virginians. We will continue to focus on advancing policies that earn Virginia the title of America’s Best State for Business. Unlocking job growth and opportunity for all Virginians.
The surplus fully funds contingent expenditures from shared funds for the recently reinstated Virginia Military Survivors and Dependents Education Program, the release said.
“Revenue ended the fiscal year well above expectations. Not only did collections exceed expectations in the current appropriations bill by $1.2 billion, revenue also exceeded our December forecast by $1.7 billion,” Treasury Secretary Stephen Cummings said. “With this strong performance, our excess collection is sufficient to meet all identified investment priorities, including efforts to accelerate improvements to Interstate 81, improve water quality in the Chesapeake Bay, and fulfill our commitment to educate our military heroes, Gold Star families, Commit additional funding to first responders, and all those who serve our country and the Commonwealth.
A full accounting of this year's revenue will be released next month.
