April General Fund Revenues Remain Ahead of Forecast

Governor Glenn Youngkin today 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.”

Through April, year-to-date collections are up 5.0 percent compared to last year and are ahead of the forecast assumed in the FY 2024 budget, as introduced, by $1.22 billion. Excluding nonwithholding and refunds, year-to-date collections in core revenue sources are ahead of plan by $503.3 million, a variance of 2.4 percent.

In the next monthly report, collections will be compared to the revenue forecast assumed in the amended FY 2024 budget that was signed into law on May 13. The full April 2024 revenue report is available here.