General Fund Revenues Exceed Forecast Expectations

RICHMOND, VA – Governor Glenn Youngkin today announced that total general fund revenues increased 12.4 percent for the month versus the same period last year and are 9.9 percent ahead of the first three months of the prior year. Compared to the Fiscal Year 2025 forecast in the current budget, revenues exceeded projections by $395.8 million in the month of September and are ahead of year-to-date projections by $601.4 million.

“Virginia’s strong financial position is reflected in September’s revenues, which are currently exceeding projections. This positive trend is fueled by our consistently strong labor market and business investment,” said Governor Glenn Youngkin. “We remain committed to creating opportunities for all Virginians to thrive, even in the face of uncertain broader economic risks on the horizon at the national level.”

“With first quarter payments in hand from all major revenue sources, September is the first significant month of collections for the fiscal year,” said Secretary of Finance Stephen Cummings. “We are tracking ahead of the official forecast, which assumed a mild recession in calendar year 2024. While we continue to be on track and ahead of collections, given that the majority of our excess revenue is attributable to nonwithholding collections and the overall volatility of this revenue source, we will continue our prudent revenue forecasting process as we continue develop the Governor’s proposed budget in December.”

The full September 2024 revenue report is available here.